No matter the sector, the fiscal squeeze brought on by the events of the past year can be felt almost everywhere. As government and business tighten the purse strings, so too does the consumer.
The market today is a different place to the market of 3 years ago, and consumer spending habits have adapted to the changing market: risk return strategies are being re-evaluated in favour of alternative safer higher-yielding assets. With downward pressure on property prices, a cost of living crisis and an imminent recession, how can a marketer position their products in a landscape where consumers’ household budgets are severely challenged on all fronts?
Competition is fierce and marketers need to adapt to stay relevant in this new world.
How are these market dynamics affecting consumer behaviour and how do you adjust your marketing messaging to create new narratives that fit the new market? How do you win the battle for the pound in their pocket?
- Kathy Ellison, Director, Savanta
- Robert Seffert, Associate Director, Savanta
- Sangita Chawla, Chief Marketing Officer, Standard Life UK