How attention and media coverage impact consumer attitudes about the cost of living

How consumers think about the cost of living is heavily influenced by media coverage and the actual rate of inflation, according to a working paper from the Federal Reserve Bank of Boston.

For economists, inflation is typically considered in hard numbers, coupled with an assumption that consumers will act rationally as they adapt to emerging financial pressures.

Marketers, by contrast, know that emotion, attention and perception are vital...

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