COVID, Brexit, and more recently the war in Ukraine, along with a cost-of-living crisis have caused 80% of shoppers to change their purchasing behavior. Unsurprisingly, this has dramatically changed the shopper marketing landscape, and as a result, retail brands are being forced to rethink how they interact with consumers.
We have seen changes to routines, homes and priorities — people have had to switch up choices, learn to get creative and try something new to save money. For retail brands, trying to balance these factors is difficult. This next cohort of consumers are financially strained and require a tailored approach to ensure that the value in the products on offer is clearly communicated.