New Research Says Consumers Are Downbeat About The Economy With 91% Reducing Their Spending

The world’s economy today is certainly not in the best position.

We’ve got consumers in the worst of moods and they fail to see the good in any situation. Moreover, recent research went as far as proving that 91% are spending less due to the drastic economic conditions.

The news comes to us thanks to a recently published report by SheerID called How To Engage Consumers in the Year 2023.

Here is where 70% revealed how the economy of today is not going to improve further, at least for the next year. And when you look at the UK, that figure jumped from 70% to 76%.

Today, consumers are being forced to make some serious changes including eating less food from outside, buying fewer goods that are deemed non-essential, and also embarking on shopping experiences from brands that are low cost.

Meanwhile, those who happen to be reducing their spending are similarly targeting specific areas like craft supplies, food delivery, electronics, gaming, footwear with accessories, furniture, travel, and software as well.

The study also delineated how most consumers of today would like to try out new brands if given the chance of availing discounted prices that are up for grabs to everyone.

But it seems that certain community members like those linked to the health sector, military, and education may have a different type of motivation altogether. Here, 66% would like to experiment with brands if they provided exclusive discounts to the community.

All in all, 83% mentioned that they are routinely checking to witness when brands are giving them exclusive discounts.

This particular study took on board nearly 4000 members from both the USA as well as the UK.

Read next: Could AI Help Companies Survive Inflation?
Previous Post Next Post