The last quarter of 2022 is just around the corner, and consumers are already feeling broke. The conflict between Ukraine and Russia, rising energy prices and a generally unsettling climate worry the population financially. In Emodo’s annual report for marketers, we learn with little surprise that financial distress has increased over 150% since last year, while covid-19-related issues have decreased by 52% to 16%.
Looking at early trends, analysts believe the impact could be stronger than last year’s virus panic. Thus, in connection with the New Year holidays, consumer spending can be significantly reduced. Americans polled announce color. In 2021, 40% of them planned to increase their spending, and today they are only 20%.
Growth will inevitably be weaker this year. Many will wait until the last minute with Black Friday and Cyber Monday deals. Online or not, all sectors are likely to be affected. However, we note that a large number of consumers intend to direct their spending on travel.
Work to be done
Faced with the current economic situation, some Americans already think their country is in recession and they logically expect to spend a lot less. Thus, marketers face a major challenge in restoring consumer confidence. There are several ways to do this:
- Encourage shoppers to go to the store, not the internet, to have real contact.
- Attracts attention all season. Shopping will be later and not only at the celebrations of the end of the year.
- Target more specific audiences and better optimize communication campaigns.
Said in this way seems almost too simple!