Staying relevant amid a discretionary spending squeeze

Mara Dettmann

Looks at what needs to be done in non-essential goods to ensure they continue to be purchased during a cost of living crisis.

Budget shopping is likely to be a lasting legacy of the cost-of-living crisis. So, what’s a purveyor of non-essential goods to do to ensure it continues to be purchased? The answer is to better understand and respond to people’s perceptions of ‘value’ and ‘essential’, and tailor strategies accordingly.

Last year, nine in ten UK consumers planned to cut back spending over the year ahead – a drop of £25 billion-worth of non-essential spending, according to a study from Grant Thornton UK LLP and Retail Economics.

And people followed through on their promises: by April 2023, 55%...

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