Money’s too tight to mention: How behavioural science can help build understanding, empathy and connection to the struggling consumer in 2023

The Behavioural Architects has identified three major behavioural challenges faced by consumers; for each challenge, this article looks at how behavioural science can give us a deeper insight and then explores some of the emerging consumer coping strategies.

‘Permacrisis’, a term that describes ‘an extended period of instability and insecurity’, has been named Collins Dictionary word of the year 2022.

The pandemic saw isolation, restriction, uncertainty and limited opportunities for spending. Coming out of the worst of the pandemic there was a brief period of heady enjoyment, fuelled by pent-up demand and savings burning holes in pockets. But, as 2022 went on, it became clear that consumers were facing another new challenge – a permacrisis as it has come to be known – meaning that brands must continue to pivot, stretch and squeeze in order to maintain or build...

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