We haven\u2019t just been dealing with a global pandemic in 2022. Economic uncertainty has come to the forefront as consumers across the globe grapple with the effects of rapid inflation.<\/p>\n\n\n\n
As consumer behaviors continue to change, it\u2019s critical for businesses to keep in touch with their target audience in real time. That\u2019s why we field our\u00a0Global Consumer Barometer, which provides a regular glimpse of global consumers to help guide smarter business decisions.<\/p>\n\n\n\n
Now in its 19th wave, the\u00a0most recent Barometer\u00a0features topics including consumer confidence, the rising cost of living, supply chain challenges, brand values, and more. Below, we take a look at the findings of the study, which was fielded between March 23-29, 2022.<\/p>\n\n\n\n
Global consumers are purchasing with care and expecting more from brands than they have in the past. They look to engage with brands that support them and share their values\u2014and act on them, too.<\/p>\n\n\n\n
\u2022 Eight in ten believe that brands should be accountable to consumers<\/p>\n\n\n\n
\u2022 64% go out of their way to engage with brands that align with their values<\/p>\n\n\n\n
\u2022 Three in four globally agree that it is important to them that they invest time and care into the decisions they make as a consumer<\/p>\n\n\n\n
\u2022 67% would stop using a brand because of its negative environmental and social activities<\/p>\n\n\n\n
This data shows that, to stay relevant and competitive in today\u2019s market, brands must be proactive about positioning and marketing themselves accordingly.<\/p>\n\n\n\n
Today\u2019s businesses are faced with limited resources and materials, staffing shortages, price increases, and other challenges that make all kinds of goods and services hard to come by. In turn, when products are in stock, they are more expensive for consumers to purchase.<\/p>\n\n\n\n
More than half of global consumers (52%) report being extremely or somewhat frustrated with products being unavailable\u2014and this frustration is felt most at grocery retailers and supermarkets. What are the other ways in which supply chain issues are impacting global consumers?<\/p>\n\n\n\n
\u2022 Four in ten had difficulty buying pantry\/dry products based on availability in the past three months<\/p>\n\n\n\n
\u2022 35% had difficulty buying fruit and vegetables, and 31% with fresh meat and fish<\/p>\n\n\n\n
\u2022 Three in four expect product unavailability issues to last up to six months<\/p>\n\n\n\n
\u2022 Almost half of global consumers expect to spend more on groceries over the next few months<\/p>\n\n\n\n
The volatile supply chain and unreliable product availability is making buyers rethink how and where they do their shopping. Sixty percent of global consumers say they\u2019re willing to switch to in-store shopping because of products or brands being temporarily unavailable online, and six in ten consumers who experience online availability issues would switch to in-store shopping. This presents opportunity to both physical and virtual storefronts\u2014as long as they are able to keep supplies in stock.<\/p>\n\n\n\n
Financial concerns have persisted into spring of 2022, with 37% of global consumers reporting that they\u2019re very concerned about their personal financial security in light of the current economic circumstances. More than four in ten consumers say they have less money now than they did before the pandemic, and one in five report they are still worried about their employment.<\/p>\n\n\n\n
Additionally, cost-of-living increases are affecting the prices of everyday goods and services. Sixty-three percent of global consumers have experienced price increases in stores, while 42% have experienced this when shopping online. Utility bills are another area where consumers are feeling the pain, as 42% say they expect to spend more in that area this year.<\/p>\n\n\n\n
With prices rising across the board, it\u2019s important that brands keep product offerings as affordable and accessible to their target audience as possible. Re-evaluating price structures and product offerings can help businesses ensure they will fit into more stringent budgets and are catering to consumer concerns.<\/p>\n\n\n\n
In discouraging news for well-established brands, brand loyalty is at a new low. Price increases are forcing consumers to forego their favorite stores and brand names in favor of more affordable options. This presents a significant opportunity for competing brands that are looking to increase market share.<\/p>\n\n\n\n
With buyers highly motivated to put value first, here\u2019s what businesses can expect over the next three months:<\/p>\n\n\n\n
\u2022 48% will increase their purchase of cheaper alternatives to their usual choices<\/p>\n\n\n\n
\u2022 34% will visit more stores in search of value, with 31% seeking out cheaper supermarkets<\/p>\n\n\n\n
\u2022 32% percent will decrease their purchase of premium brand products to save money<\/p>\n\n\n\n
Brand loyalty is being sacrificed in favor of cost efficiency in today\u2019s market, which is a trend that looks to continue. This may inspire bigger or premium brands to offer more affordable options to stay competitive, while emerging brands may consider innovative ways to increase visibility and capture new customers.<\/p>\n\n\n\n
Despite the persistent economic concerns, there\u2019s a light at the end of the tunnel in terms of consumer confidence. Overall, consumer life satisfaction is up ten points compared to March of 2021, and 41% of global consumers report feeling very optimistic about the future.<\/p>\n\n\n\n
As brands navigate the present and the economic landscape continues to evolve, it\u2019s important to stay on top of changing consumer behavior and sentiment. If you\u2019re looking to transform the way you collect consumer insights, contact us today and\u202fstart knowing<\/a>.<\/p>\n\n\n\n <\/p>\n","protected":false},"excerpt":{"rendered":" We haven\u2019t just been dealing with a global pandemic in 2022. Economic<\/p>\n","protected":false},"author":11,"featured_media":11332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_toluna_hide_sidebar":false,"footnotes":""},"categories":[50],"tags":[],"class_list":["post-6300","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","entry"],"acf":[],"_links":{"self":[{"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/posts\/6300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/comments?post=6300"}],"version-history":[{"count":0,"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/posts\/6300\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/media\/11332"}],"wp:attachment":[{"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/media?parent=6300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/categories?post=6300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tolunacorporate.com\/nl\/wp-json\/wp\/v2\/tags?post=6300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}