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:
Those cutting back are spending less on:
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.