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12 May 2022
To target consumers during inflationary spikes, consider “sanity savings”
Money & financePurchase behaviourMarketing in a recession
As consumers respond to inflation, they generally seek “transactional” savings that make buying things cheaper, “accrued” savings where they put money in the bank, and “sanity” savings that reduce inconvenience and wasted time.
Why it matters
Marketers may be logically tempted to emphasize discounts and savings plans to consumers during high-inflation periods. But by acknowledging that people continue to spend money, albeit on different things, during economic turbulence, brands can navigate inflation more holistically.