A McKinsey study found most consumers were more conscientious about purchases than before the pandemic.
With the pandemic making most more conscientious purchasers, most households budgets are primed around essential products and services. A separate HubSpot study found that nearly one-quarter of consumers plan to tighten their budget and spend less money in 2021.
The survey found that overall, people are cautiously optimistic about their budget in 2021. One-third of respondents also said they want to spend more money than they did in 2020. Around 43% of consumers also plan to keep the same budget they had in 2020.
The article suggests that brands should prioritise their value proposition to effectively market their product or service in uncertain financial times. They should further highlight the brand’s mission or purpose, leverage customer-generated content, offer discounts or sales and differentiate from competitors.
[6 minute read]