Financially Burdened Shoppers
Skyrocketing health insurance premiums. Student loan debt. Tax cuts that didn’t quite turn out as promised. Many consumers are stressed about their finances, and for good reason. But there are two things retailers and brands need to understand. First, that stress isn’t only tied to income; other factors are at play. Second, financial stress does affect how people shop, but probably not in the way you might think.
The fact is, many retailers and brands base their strategies on incorrect assumptions about low-income consumers and why people tighten their budgets. In this New Frontier report, you’ll learn:
- Who the financially burdened consumer is, demographically and psychographically
- How to maintain sales when spend declines
- How to win your fair share of spend in times of economic anxiety