FEATURE13 July 2022

Untethered times: Surviving the cost-of-living crisis

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Behavioural economics Covid-19 Features Financials Impact Trends

The cost-of-living crisis has come roaring to the fore. Brands need to be savvy and rethink their marketing strategies to successfully navigate the challenging times ahead. By Rob Gray.

Hot air balloon on blue background

According to data from the Office for National Statistics, in the 12 months to April 2022 UK inflation hit a 40-year high of 9%. This alarming surge in prices has caused a drop in ‘real’ disposable incomes, and everywhere there are headlines about people looking for ways to save money, or struggling to make ends meet – and, worse, heartbreaking stories of poverty, desperation and foodbanks.

Sanctions and supply shortages triggered by the war in Ukraine have exerted strong upward pressure on prices, most notably in respect of everyday essentials such as food and energy. This comes on the back of inflation driven by the Covid pandemic. Affordability has become a hot issue globally, in a way that hasn’t been the case for decades and it is loaded with numerous social, political and economic implications.

Brands are understandably taking steps to get to grips with the changes consumers are making and what these mean for their business. Market research (MR) is, of ...