7 Sep 2022
The re-considered purchase: Consumer behaviour in the inflation era
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.
The survey of 2,165 respondents carried out by YouGov in August commissioned by Gekko, revealed that two thirds, 66% have cut back spending on ‘personal non-essential 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.
To read the full research click here