April 13, 2021
"New research from RAPP and Code (part of Omnicom Precision Marketing Group) launching today reveals that financial anxiety caused by the global pandemic means a third of UK consumers are planning to spend less this year across six key sectors: travel, luxury, retail, automotive, technology and financial services.
Hope amid the anxiety
Undoubtedly a symptom of consumer finances hit hard by the pandemic, the research findings were not all bad news for businesses, though, as they also revealed a way to overcome this challenge.
Over half (57%) of consumers say they would spend more money with brands that treat them as individuals (i.e. sending bespoke conversations).
The figure increases to 89% for those aged between 16-24 and 77% for 25-34-year-olds.
Polling 1,000 consumers, RAPP and Code unveiled the nation’s current and future spending habits, but also the expectations and desires from brands as influenced by the COVID-19 pandemic."
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