Research released Wednesday shows 47% of consumers make a mindful effort to spend less due to cost-of-living price increases. In fact, one in two consumers admitting to purposefully cutting back on spending.
"Branding is critical during down times in the economy,” said Rachel Conforti, senior vice president-marketing at mobile ad platform LoopMe, which released the new research. “You may see less advertising about buying products and services as consumers tighten up their wallets, but brands will still want to remain in the hearts and minds of consumers. We expect brand campaigns, and measurement of brand metrics, to remain steady."
The study, which is based on a second quarter survey of 17,861 people across the U.S., U.K., and Australia, found that in the United States, 62% are consciously cutting back on spending due to cost of living price rises. Females are mostly likely to cut back on spending due to cost of living.
Higher costs also have become a key motivation to work from home.
About 67% of professionals in office-based roles prefer working from home full-time. Nearly one in five said they would opt for a salary cut to do so.
According to the findings, 11% of consumers increased the number of days they work from home to save on travel costs, while 8% said their employers offer to help with transportation costs.
Cycle-to-work options used to save on transportation costs were the highest in the U.K., with 15% of consumers saying their company offered this benefit.
Overall, 21% of consumers are incentivized to come to the office for a salary increase and 7% choose to work from the office more to save on utility bills at home.
About 52% of consumers felt their company could offer higher wages to help with rising cost of living.