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Brands Must Show Tangible, Meaningful Solutions to Cost-Of-Living Crisis, Research Reveals

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Havas Media Group's Cost of Living study is based on an online survey of 700 people and was led by Havas Media Group’s insight team

Brands Must Show Tangible, Meaningful Solutions to Cost-Of-Living Crisis, Research Reveals

Brands must show how they offer tangible, meaningful solutions to the cost-of-living crisis in their marketing, according to a new study by Havas Media Group, which draws on Havas’ Meaningful Brands framework.

The new Cost of Living study, which aims to measure the impact of the cost-of-living crisis on British citizens and to better understand their opinions on the subject, is based on an online survey of 700 people and was led by Havas Media Group’s insight team.

Harnessing the proprietary Meaningful Brands methodology, the research shows that most age groups surveyed believe the cost-of-living crisis will last at least one to two years and as such, nearly two thirds of consumers (59%) are planning to cut back on their spend in the future in order to afford essentials, most notably 18-44s.

Using the Meaningful Brands framework, the study explored the cost-of-living crisis' impact on the relationship between people and brands across three core pillars: functional benefits (does the product or service deliver?), personal benefits (how brands improve people’s lives) and collective benefits (what’s their role in society?).

The survey reveals that consumer expectations of brands have risen by 63% across all three pillars since the cost-of-living crisis began, demonstrating the increased responsibility they now place on them. Consumers are now attaching greater importance to functional benefits such as delivering on promises (74%) and offer of quality products/services (74%).

The functional benefit that has seen the biggest increase in terms of consumer expectations is fair pricing. Fair pricing saw a three-quarter net increase in the number of people saying it is more important for brands to offer products and services that are priced fairly for the quality than before the crisis.

When it comes to personal benefits, the study reveals that saving money is the benefit that has seen the biggest increase in consumer expectations, with a 77% net increase in the number of people saying it is more important that brands help them save money than prior to the crisis.

Tony Mattson, head of strategy, Havas Media Group, said: “Marketing exists to attract customers and create value for them. The cost-of-living crisis presents a fundamental challenge to marketers as the number of people in market and their intended spend are depressed and will continue to be so for some time. However, the effects of the crisis will be felt unevenly, and the smartest marketers will be attuned to this. Brands will need to create meaningful experiences around their products and services tailored and made relevant to the needs and mindsets of different audiences. Flexibility, adaptability and an understanding of context will be critical to retaining and winning people’s trust.”

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Havas UK, Tue, 26 Apr 2022 09:06:30 GMT