As economic changes occur almost daily, consumers are reacting. With the cost of goods and services reaching all-time highs, will spending habits change in the near future? For business decision-makers, it’s time to pay attention and make sure your brand is ready. A Shift in Spending Data from HubSpot and other surveys suggest that the prospect of a recession has affected spending habits across the population.
Continued warnings of a U.S. recession show rcs data that 30% of respondents are buying less in the summer of 2022 compared to previous months and are paying more attention to how they spend their money. Heading into winter 2022, 30% of respondents said they had made few purchases due to recession warnings, with 24% spending more cautiously than in previous months. The number of respondents whose spending was not affected by the news also fell from 17% to 13%.
For brand leaders or marketers facing the challenge of having their products removed from shelves, it’s time to get creative and connect with those who are tightening their wallets but may still be able to purchase within their new budgets or see a significant return on their investment. Now is the time to think about discounts, promotions, offers, or freemium marketing to deliver these experiences that consumers can’t resist.