Thrifty is back and marketers need to adjust consumer messages to express compassion and understanding, states MediaPost.
Data shows a reverse trend to the carefree spending seen in November 2021 in the United States. “Thriftiness is back in, while optimism, rebelliousness, and daringness are down,” according to market research company GWI.
The report — The Consumer Dilemma — shows 25% of consumers worldwide say they are “not very” or “not at all” financially secure, and 67% say inflation continues to have a moderate or a dramatic impact on them.
With thriftiness back in consumers’ minds, marketers will need to focus more on the message, adds MediaPost.
“Over the past 30-45 days consumers are very much starting to cut back on “big-ticket purchases” as well as changing their spending habits on many of their day-to-day routines,” said Shmuel Shayowitz, chief executive officer and mortgage banker at Approved Funding, in River Edge, N.J. “Fewer people are willing to buy a house, less are willing to spend on car leasing or financing, and most are scaling back on bigger purchases in their homes such as entertainment, recreational, and even home improvements.”
It’s not just on pricier products and services. There’s increasing evidence U.S. households are cutting budgets across the board, states TheStreet.