Press Coverage: MediaShotz: Cost of living crisis sees consumers dramatically cut back on spending

The cost of living crisis has had a dramatic impact on consumer spending with brands needing to focus on value and the longevity of their products to win customer loyalty.

These were some of the key findings from a new research report by marketing agency Gekko.

Cost of living crisis – Gekko survey

The survey of 2,165 British respondents carried out by YouGov in August commissioned by Gekko, revealed that two thirds, 66% have cut back spending on ‘considered purchases’.

These are defined as non-essential purchases that have a degree of financial or emotional investment.

Meanwhile, more than 4 in 10 (43%) of people have cut back on spending on ‘essential household items’ due to the increased cost of living.

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