Get valuable insights into how your brand can truly support parents during tough economic conditions
The cost of living crisis is a reality that many families are facing today. With rising expenses and the pressure of balancing household bills and other necessities, it can be difficult for parents to provide for their families. In this challenging climate, it’s essential for brands to understand the needs of parents and offer support to help them navigate these trying times.
We looked at what parents want from brands during a cost of living crisis and how brands can play a role in supporting families and helping them weather this storm.
There were similar stories across both regions, but the USA saw greater effects across poorer segments of the nation. And from those effects, there was huge price elasticity across the board. Almost every family was feeling the pinch and all of them wanted support from brands, otherwise they’d vote with their feet.
Interestingly, coupons seemed the best way to incentivise brand loyalty. And furthermore, brands that give customers free samples are likely to encourage greater spending and repeat custom.
The UK wasn’t too dissimilar, with a worrying financial outlook for most of the country. However, there were obvious choices for brands looking to bolster their offering during tough times, with customers being most galvanised to purchase after receiving online discount codes or free samples, in particular.
There was also a huge UK trend towards transparency of communicating price changes, with a huge majority prioritising this, unlike America where it was a low priority.
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