Shoppers say brands should help in financial crisis, study finds

Seven out of 10 UK adults believe brands should play a role in helping them navigate the cost-of-living crisis, but some 57% also feel that brands could do more to help consumers, according to new research by Universal McCann. 

According to the firm, the study analysed 2,000 UK consumers to explore “what stops people from talking about their money worries, and the effect financial concerns have on mental health”.  

The media agency’s research found that retail and finance scored highest among British consumers who were asked which sectors featured brands that are most helpful when it comes to the cost-of-living crisis. 

However, in each case only 25% of respondents agreed that companies in these categories were doing enough. 

The research also revealed that 74% of consumers would welcome financial tips from brands. This percentage rose to 85% for single parents and 87% for those aged 18 to 24.

Kim Lambert, group insights director at UM, said: “We’re already seeing a shift in how, when and where people shop due to the financial downturn. The mental health impact of those pressures is perhaps not as obvious, but as this study underlines it can be even more impactful.

“Consumers have had to rethink their purchasing habits in recent years – and marketers have needed to adapt quickly. However, there are wider issues that need to be addressed responsibly if brands are to avoid adding to the pressures personal finances are already putting on people’s mental health.”

When it comes to how companies should advertise during the cost-of-living crisis, UM’s research suggested that 61% of consumers want brands to focus on how they provide value. Aligned to this, 49% want to see helpful advice, such as tips on how to save.

The tonal execution of campaigns also needs careful consideration as 60% want increased sensitivity to the struggles so many people are facing.