As the likelihood of a recession looms, marketers are growing increasingly concerned about how it will impact consumer spending behaviors. Combined with inflation being at a 40-year high, marketers are understandably more cautious with their budgets. These marketing budgets are infamously among the first to face cuts during a downturn. But there will always be money to spend on marketing initiatives that drive revenue growth.
Here are some key resources to help marketers navigate the pending downturn and prepare to be recession ready.
Learn How Brands Can Drive Growth During a Downturn
About a third of U.S. economists say a recession is likely; some say it has already begun. Marketers who were waxing poetic about VR months ago are eyeing potential budget cuts and preparing to drive growth with more targeted spend.
But even if the U.S. enters a recession, growth is not off the table. Customers will continue to spend, thanks to 60% of U.S. consumers building up personal savings over the last two years. The question is: Which company in each category can differentiate itself by convincing customers that its products and services are most worthy of their business?
Discover What Consumers Say They Will Want During A Downturn
With the U.S. careening toward a recession, marketers are left wondering what consumers will do. To answer this question, Aki conducted a study to gain insight into consumers’ predicted behaviors during a recession. From preferences to loyalty, the findings of this study reveal what consumers value most.
One key finding reveals that 54% of consumers want savings information from retailers and brands during a recession. Another key finding reveals that the majority of consumers plan to stay loyal to the brands they normally purchase from, but 34% of those consumers would only do so if their preferred brand was on sale. This indicates that consumers want to stay loyal, but they need to be incentivized.
Gain insight into consumers’ predicted behaviors during a recession
To help marketers navigate the pending downturn and best prepare to be recession ready, Aki’s US-based study of 1000 respondents, provides insight into consumers’ predicted behaviors during a recession.
Aki’s research reveals some telling statistics which include how preferences and loyalty vary by demographic.
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