A new report by Talkwalker has analysed over 16.2 million conversations related to the current cost of living crisis, to pinpoint the most pressing concerns of consumers from the UK and beyond.
People aged 25-34 drove 46% of the conversations around this topic and saw the largest percentage increase (+144%). Over two-thirds (67.9%) of conversations around essentials focused on fuel and energy.
In the UK the rising cost of energy for heating homes was most dominant, followed by fuel. Rent was the third most mentioned theme, mentioned five times more than mortgages, as renters struggle to cope with rising costs.
Jack Richards, Northern Europe Marketing Team Lead at Talkwalker says: “Much like the pandemic, consumers will emerge from the crisis with a changed perspective and brands need to think ahead and adapt to meet those changes. Many consumers have not experienced a situation like this before and may be looking towards businesses to understand the situation and act accordingly. Now is the time for businesses and their brands to adapt to ensure that they are coming across as empathetic and relatable, and that they are truly authentic.
“Transparency is now essential to maintain consumer trust. People are willing to forgive some product or price changes, within reason, but those changes must be effectively communicated in a clear and timely manner. The insights within this report can enable brands to be more empathetic during this time and allow them to adapt their campaigns and comms strategies to fit today’s consumers’ wants and needs.”
The report is based on Twitter data, analysed through Talkwalker’s Consumer Intelligence Acceleration Platform™. This combination of valuable data and powerful analytics provides additional insights into the ongoing situation.
“Twitter is where the world comes to discuss what’s happening,” said Lauren Jenkins, Head of the Twitter Official Partner Program. “As the cost-of-living crisis develops, we’ve seen people discuss its implications on Twitter. During this time, it’s important that brands stay connected to their customers and listen to their needs. Social listening platforms like Talkwalker can help brands tap into the public conversation on Twitter and discover the insights necessary to encourage emphatic brand actions and communications that will resonate with their audiences.”
These insights highlight changes in several consumer buying habits:
- Consumers are willing to spend more, but only within reason, with many concerned about brands potentially profiteering from the crisis.
- Budget cuts are leading people into changing their long-term life decisions, rethinking everything from buying electric vehicles, to how they manage their retirement.
- Many consumers are turning to Twitter for help, with new types of communities born, focused on helping those survive the crisis, with money-saving tips and discount codes.
To learn more, you can download the Exploring the Cost of Living Conversation report here.