Key insights for marketers in the cost-of-living crisis

Consumers, and the marketers serving them, are facing significant challenges as the cost of living rises, but there is a rich body of academic insight which brands can draw on to set their strategies.

When people think about inflation, they generally do not rely on financial indexes, total household spending, current and constant prices, or other metrics favored by governments and economic analysts.

Instead, they look at the cost of filling up their car and getting their daily caffeine fix, according to Marnik Dekimpe, Research Professor of Marketing at Tilburg University in the Netherlands and Professor of Marketing at KU Leuven in Belgium.

“If consumers make expectations about inflation rates, they typically do that on the basis of a few products that they are consuming fairly regularly,” he said during an online event...

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