The Institute of Practitioners in Advertising (IPA) has found from a survey of 2,000 people that consumers want brands to focus on value for money in light of the cost of living crisis.
Over half (57%) of the adults surveyed said that they would like brands to support them through the cost of living crisis by keeping prices fair. A further 36% questioned whether companies could freeze prices on value-range products and services.
Other consumers wanted brands to offer more value-for-money promotions (33%), reward existing customers’ loyalty (30%), and increase the number of offered promotions (28%).
With regards to keeping prices fair, this was desired more acutely by women (62%) than men (52%), and even more so from older generations with 72% of those aged 55 and over finding value for money more important than 36% of 18 to 34 year olds.
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At the other end of the scale consumers are least in favour of brands offering affordable customer finance (10%), engaging directly with customers to develop solutions and ideas (8%) and entertaining customers (5%).
“In terms of consumers not wanting brands to entertain them, this is five times more unwanted among the older generations aged 55+ (2%) than by those aged 18-34% at 10%,” the IPA added.
“The cost of living crisis is a serious issue, especially for those at the older end of the spectrum, so it is understandable that consumers aren’t looking to brands to provide the fun but to provide help where it hits hardest – their finances,” IPA director general Paul Bainsfair.
“With further pressures forecast, this won’t be easy for brands to navigate, but as the data shows, those that are fair and transparent with their pricing and value proposition may well fare better in their customers’ eyes going forward.”
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