What are Budgeteers and How Can Businesses Appeal to Them?
With inflation and the cost of living on the rise, consumers prioritize saving their money for emergencies. Here’s how you can appeal to those who are choosier with their cash flow.
According to Euromonitor International’s Top 10 Global Consumer Trends 2023, 47% of consumers are planning to keep their overall spending unchanged while 28% are planning to decrease it. Only 25% of consumers are planning to increase their overall spending for the year.
Why is that? The rise in inflation and cost of living have caused consumers to become wary about their spending. This is very true, especially with a certain group of consumers Euromonitor refers to as the Budgeteers. In fact, these consumers will continue to save—even if inflation and the cost of living go down at some point.
Whenever there's a threat to their financial stability, it is no surprise that Budgeteers will reallocate their spending or skimp on certain purchases in response to price hikes. They will also choose to pay a higher price for everyday needs, opt for more affordable alternatives, or just not buy altogether.
As a business that is likewise going through difficulties due to high production and operational costs, how do you cater to the Budgeteers in your target market? Here are some tips to keep in mind.
The rise of e-commerce in the last few years has been very beneficial for Budgeteers, mostly because e-commerce saves consumers from having to spend on gasoline and fares just to avail of products and services in stores. E-commerce is a convenient and accessible alternative, as the goods are delivered right to their doorstep!
Sign up/Log-in to continue reading The Business Manual for only P1000/year.
Already a member? Log in below.