Champions amidst crisis: 10 ways consumers respond to economic pressures – and what brands should do about it
This article is part of our series on Champions amidst crisis: how do consumers respond to economic pressures. You can view the full series or download the report.Download Report
Rising costs, change and eroding consumer confidence. It’s not easy out there!
The global pandemic rattled the world, and the economic aftermath continues to batter consumers. Combined with a year of strikes, shortages and war, many countries are facing a cost-of-living crisis.
This can be just as challenging for producers, product owners and businesses as it is for customers. Brands can quickly become heroes or villains as consumers look for support in these times of need.
Ultimately, how businesses and brands navigate this period will be a defining factor in market dynamics and ongoing success.
Your secret weapon? Behavioural science.
In this report you will learn:
- The 10 consumer behaviours that past shocks suggest you are likely to see more of in 2023
- The ‘so what’ for brands trying to navigate the turbulence.