• by Ray Schultz , March 23, 2023

Consumers are in a downbeat mood — 91% are reducing their spending in response to recent economic conditions, according to How to Engage Consumers In 2023, a study by SheerID. 

Moreover, 70% believe the economy will not improve in the next 12 months, and that jumps to 76% in the U.K. 

Consumers say they are: 

• Eating out less — 48%
• Purchasing fewer non-essential items — 45% 
• Shopping at cheaper brands — 38% 

Those cutting back are spending less on:

• Craft/Home Improvement Supplies — 72%
• Takeout/Food Delivery — 62%
• Electronics — 54% 
• Gaming — 53%
• Apparel, Footwear and Accessories — 53% 
• Furniture — 52%
• Travel — 51%
• Software — 50%

Of all consumers, 58% would try a new brand if offered a general discount available to everyone. 

But members of communities — including teachers, military, healthcare workers and first responders — have a different motivation: 66% would try a brand if it offered an exclusive discount for their community.  

Moreover, 83% of community members routinely check to see if a brand is providing an exclusive discount. 

SheerID surveyed more than 4,000 consumers in the U.S. and UK.