As you gear up for the week, let’s dive into some compelling consumer statistics that shed light on the current state of marketing, product innovation, spending, and brand perception.
If you have been feeling that the winds are changing or the market is shifting—but have not been able to put your finger on “what it is”—this may shed some light on the subject.
What is the overall point of checking out what is happening with some of the world’s biggest brands?
At a high level, it is so you know that the pressure you have likely been feeling in 2023 may not be unique to your business.
In the agency world, we have been hearing about issues ranging from lower customer adoption to rapidly changing advertising costs. While our team (and yours) may be doing everything in their power to keep the revenues flowing in, it’s important to know what is happening in the industry as a whole.
Grab your coffee and let’s dive in!
Marketers Challenged with More Demands and Stress
A staggering 63% of marketing and communications professionals find themselves under increased pressure to deliver more with limited resources compared to the previous year.
As a result, 55% of the 250 surveyed experts reported feeling more stressed than they were twelve months ago.
Surprisingly, despite inflationary challenges, 58% of respondents revealed having a more substantial budget this year. While 18% described the times as difficult, 17% acknowledged their companies are experiencing a “boom mode.”
Nonetheless, a significant majority (66%) are confident that artificial intelligence (AI) will boost productivity, with only 13% expressing concerns about its implementation.
Product Innovations Witness a Decline Amidst Economic Turmoil
In 2022, the number of new product launches dwindled as inflation and the ongoing cost of living crisis affected consumer spending. Across Europe, there was a notable 16.5% decline in product innovations, with 144,432 new launches compared to 172,997 in the previous year.
Interestingly, smaller companies (SMEs) took the lead, accounting for 75% of innovations, while larger brands, though fewer in number, still managed to seize 32% of new product value sales.
The study emphasizes the importance of nailing the product experience, as 64% of consumers claim they won’t repurchase a new product that fails to meet expectations.
Despite the risk, product innovations now contribute 6% of fast-moving consumer goods (FMCG) value sales.
Consumers Tighten Belts for Christmas Amidst Economic Struggles
There are a variety of economic issues that many are needed to combat for the upcoming holiday season. I
Inflation, stagnating wages, the rising cost of living, swelling credit card debt, and the fact that student loan payments will be resuming just before the holiday buying season.
Needless to say, there are an abundance of economic considerations.
Granted everyone’s situation is different – but as a collective – disposable income is simply not as “fluid” as it was the past few years. So how will all of this affect purchase decisions?
Besides the obvious – one thing you can count on is more customers doing more research for their purchases earlier than ever.
Over 10% of the customer purchase activity from November 2021 shifted to October 2022.
Combining these economic issues with the earlier purchasing season means you will need to start planning and launching campaigns a good 30 days earlier than in prior years.
Mixed Reactions to Twitter’s X Rebranding
Elon Musk’s rebranding of Twitter as X has garnered mixed responses from the platform’s users.
Only 14% of Twitter users feel positive or somewhat positive about the change, while 32% are less than thrilled about it – and that middle 53%? They don’t really seem to care either way.
Interestingly, Musk’s popularity among UK adults has grown significantly, with 79% now having an opinion on the billionaire, up from 63%. However, his likeability has decreased, with 61% of British adults holding a negative opinion, up from 40% initially.
Nike & Dove Lead As The Most Inclusive Brands
British consumers laud Nike and Dove as the most inclusive brands, according to research from Kantar.
Half of the surveyed consumers couldn’t name an inclusive brand unprompted, but those who did often cited Nike for its diverse and inclusive advertising and product range.
In a list of 71 brands presented to respondents, Dove was the most frequently chosen brand, praised for its early adoption of inclusive advertising. Impressively, 53% of consumers consider a brand’s diversity and inclusion efforts when making purchasing decisions.
Deep Breath – You Got This!
As marketers (and brands) face increasing demands and stress, it becomes crucial to harness the potential of AI to boost productivity and overcome challenges. Meanwhile, product innovators must prioritize delivering exceptional experiences to captivate consumers amidst a tough economic climate.
For brands aiming to stand out and resonate with customers, inclusivity remains a powerful driver of consumer loyalty.
To navigate these complexities and achieve success in your marketing endeavors, reach out to National Positions today.
Let our expert team guide you with data-driven strategies and innovative solutions to elevate your brand and drive growth. Don’t wait—contact us now and position your business for a thriving future.