NEWS27 October 2022

Consumers demanding fairer pricing as inflation rises

Cost of Living News Trends UK

UK – Most consumers want brands to ‘keep prices fair’ as a result of the cost-of-living crisis, with a large minority wanting price freezes, according to data from the Institute of Practitioners in Advertising (IPA).

Money hiding under umbrella

In a survey of 2,000 adults commissioned by the IPA and carried out by Opinium, 60% wanted prices to be kept fair, up from 57% in May 2022.

The survey founded 44% – up from 37% in May – believed brands should freeze prices.

Women were more likely than men to want fair pricing, at 64% versus 55%, while 48% of women wanted to see prices frozen on value-range products compared with 39% of men.

Older generations were also more in favour of fair pricing, with 71% of those aged 55+ and 61% of 35 to 54-year-olds in favour, dropping to 42% among 18 to 34-year-olds.

Over-55s were 51% in favour of price freezes, according to the survey, compared with 29% of 18 to 34-year-olds.

The survey also found that 37% wanted brands to offer more value for money promotions, 32% wanted businesses to reward existing customers’ loyalty and 29% wanted an increase in the number of promotions on offer.

Paul Bainsfair, director general at the IPA, said: “As the cost-of-living crisis really takes hold, consumers are continuing to look to brands to keep their pricing fair.

“While stretched themselves, brands must ensure they assess their pricing and subsequent marketing strategies accordingly, particularly when engaging with their female and older audiences for whom this need is even more pronounced.”

@RESEARCH LIVE

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