It’s a challenging time for consumers. As the cost-of-living crisis continues; exacerbated by rising inflationary pressures, interest rate hikes and increasing household bills, the opportunity for discretionary spend becomes ever slimmer. This creates an equally tough environment for consumer and retail businesses, as leaders battle to interpret unpredictable customer behaviour and acquire insights that inform future business growth.
We’re helping to remove the guesswork with our new Consumer Pulse report. Each quarter, KPMG polls 3,000 UK consumers to gauge consumer confidence and propensity to spend, and we’ve now partnered with Snoop, a free money-management app, to combine this insight with their customer spending data to bring you a more holistic and realistic view of consumer spending. We hope by bridging the ‘say-do’ divide we will enable you to better understand consumer spending behaviour, and, in turn, inspire new ideas to turn that understanding into growth opportunities for your business.
What consumers are saying
have reduced their non-essential spend so far in 2023
say price is their main purchasing consideration
say they are spending time looking for bargains
say they will cut back on eating out
Though the cost-of-living crisis continues to bite, consumer led businesses have reasons to be positive. Success hinges on your understanding of what good value looks like to your customers; finding the winning balance between affordability, quality, sustainability and delivering memorable experiences.
Linda Ellett UK Head of Consumer Markets, Retail and Leisure, KPMG