Inflation can change the way consumers interact with brands. A recent survey by Vericast "found that 72% of consumers are responding to inflation by shifting their shopping behaviors to buying generic or lower-priced products. About one-third are limiting purchases of nonessential items. Clothing and accessories, followed by groceries, were the top categories where consumers are limiting spending, and 61% said they are eating out less often," according to a report from SmartBrief.
What can marketers do? Adjust your strategy to show you understand the consumer's pain, says Vericast executive director of client strategy Dave Cesaro.
“Expressing empathy for the pain consumers are experiencing because of rising prices and how the retailer is helping consumers get through that pain,” Cesaro said, adding, “Whether by allowing consumers to spread out payments over time or giving the consumer something that will help them right now with a pain that they are feeling every time they need to put gas in their vehicle.”
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