Marketing Week has recently undertaken a survey of UK consumers to find out how the marketplace will pan out over the next few years as an effect of October 2010’s spending review. The results of the survey are interesting, with 61% saying that spending cuts will result in cuts in their own spending, 28% saying they have started using cheaper supermarkets and 36% having recently gone online to find vouchers.
Wealthy families are seen to be the next group that will cut their spending, and retailers targeting that group need to be up to speed to make sure they don’t lose out. Forecasting company The Trajectory Partnership have predicted that in 2014–15 the richest and poorest consumers will be worst affected and forced to cut back on spending. To keep consumers interested it is not going to be about brands that shout the loudest, but those that listen to their customers and offer them what they want.
Clever brand design to make customers feel more or a part of a brand will help and retail marketing to improve customer’s in store experiences will be more important, especially when targeting wealthier consumers. Point of Sale display will no longer be about shouting about offers, but using new technology to create innovative pieces of engagement.
Brands that don’t listen to their customers and plan for the rough times ahead will soon get left behind, with more responsive brands using clever marketing coming out on top. It will be interesting to see how it all pans out!