The number of consumers looking to brands to help them through the cost of living crisis by keeping their prices fair has increased by 5% since May, while those wanting brands to freeze the price on their value-range products or services has leapt up by 22%. This is according to an autumn survey of 2000 adults, commissioned by the IPA and carried out by Opinium.
These latest results are a follow-up to the IPA-commissioned spring poll in which a separate sample of 2,000 adults were asked for their response to the same question: 'what would you most like brands to do to support customers during the cost-of-living crisis'?
These autumn poll findings also show significant differences across gender and age split with women and over 55s most concerned with price and value:
In terms of the ways consumers are least wanting brands to support them, the bottom three responses are:
Says Paul Bainsfair, Director General, IPA: "When we first carried out this poll back in May, inflation levels were at a 40-year high of 9.1% and now we have hit 10.1%. It is no wonder, therefore, that as the cost of living crisis really takes hold, consumers are continuing to look to brands to keep their pricing fair.
While stretched themselves, brands must ensure they assess their pricing and subsequent marketing strategies accordingly, particularly when engaging with their female and older audiences for whom this need is even more pronounced.