Pandemic induced financial anxiety means Brits set to spend less

"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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