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%
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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.