Spend Less - Consumer Strategy for Inflation (Trend Overview, Consumer Insight and Brand Implications)

Spend Less - Consumer Strategy for Inflation (Trend Overview, Consumer Insight and Brand Implications)

Summary

Global consumers are experiencing financial concerns around inflation prices as wider economic uncertainty pushes prices up. Fuel, energy, and raw material costs are having a knock-on effect on supply chains that consumers are having to pay for at the till. Many consumers may also have employment and salary concerns as jobs and wage increases are also affected as businesses feel the same pressures. All these things are leading to tighter household budgets across markets, with consumers having to choose which strategies they will employ to help see them through tough times. This brief report will focus on the first of these two strategies-'spend less'.
Global consumers are experiencing financial concerns around inflation prices as wider economic uncertainty pushes prices up. This brief report will focus on the first of these two strategies-'spend less'.

Scope

• Circularity will offer consumers increased value as second-hand products can be purchased at lower prices and are more sustainable
• Back to basics may be an approach consumers use to ensure the best value for money and ensure they are not paying for any added/hidden extras
• Re-prioritization will see consumers assessing what purchases and behaviors are worth the extra spend/where savings can be made
• Upskilling themselves could be a strategy employed by consumers to avoid any unnecessary costs such as paying for service elements

• Understand multiple trends and company Reponses in order to tap into what is really impacting the industry.
• Gain a broader appreciation of the fast-moving consumer goods industry by gaining insights from both within and outside of your sector.
• Access valuable strategic take-outs to help direct future decision-making and inform new product development.