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06 December 2022
Self-imposed lockdowns are a new challenge for brands
Marketing in a recessionStrategy
After government-imposed lockdowns during the pandemic, the immediate future is looking like one of self-imposed lockdowns during the recession as people pare down all unnecessary spending and retreat into their own homes.
Wavemaker’s Growth Trends 2023 report notes a precipitous fall in consumer confidence over the summer period and says “it’s clear the abruptness of the crisis is causing turmoil as people struggle to get on top of costs in such a short amount of time”. Out-of-home spending is the first to be cut back, affecting numerous categories, hospitality and tourism being the most obvious.
Why it matters
Brands have an opportunity to help people replicate some of those out-of-home experiences in their own homes, the report suggests. Companies need to think about how to maximise products and services for the in-home market (in the same way that Marks & Spencer’s ‘dine-in’ meal offers did during the 2008 financial crisis).
Wavemaker’s research shows that 81% of people are trying to cut back on non-essential spending.
On average, people have implemented eight new actions in the last two months to save money.
People are open to advice and help on these matters; brands could consider partnering with ‘fin-fluencers’ to provide discoverable content on social media platforms like TikTok.