Navigate the Cost of Living Crisis with Mintel

 

Understand the importance of market research during times of inflation and minimise the effects of the cost of living crisis with Mintel’s expert analysis, recommendations and industry-specific market intelligence.

What is the cost of living crisis and how is it affecting consumers and businesses?

As the UK returned to its new normal, there were indications that market growth was on the horizon. Unfortunately, the second half of 2021 turned optimistic economic trends upside down for many markets. The UK is facing renewed financial challenges in the form of the cost of living crisis.

With restrictive global supply chain issues,  sharp rises in fuel, soaring gas and electricity bills, and food inflation creeping into double digits, both brands and consumers are feeling the squeeze of the rising cost of living. These concurrent economic storms are hitting brands and consumers at a time when they believed crisis management to be over. As a result, these financial hardships have changed consumer behaviour and put pressure on consumer spending. 

At Mintel, we know that with great uncertainty comes great opportunity. How brands react to the cost of living crisis will impact how consumers encounter, consider and allocate their spending on value-driven purchases. With 50 years of industry experience, Mintel’s market intelligence can guide brands on current and future market conditions and industry trends.

What do rising prices mean for consumers and brands?

As the cost of living crisis intensifies, consumers are changing their lifestyles. Brand loyalty, savvy shopping habits, and perceptions of value and transparency are all being tested. 

Greater scrutiny of spending doesn’t necessarily mean people will trade down: just that they become laser-focused on value across all price points.

 In order to stay at the forefront of consumers’ minds, brands will need to lead with transparency and provide the consumer with added value. 

Mintel’s market research provides brands with essential business insights to help them understand industry trends and support brands to make smart strategic decisions during a period of sustained inflation and economic uncertainty. 

Consumer buying behaviour changes drastically during times of financial stress and our valuable market research helps brands navigate the complexities of the economic landscape. Mintel’s market research equips brands with statistical insights, industry-specific and market-specific research recommendations to ensure businesses can respond proactively and minimize the effects of the cost of living crisis.

Mintel’s Cost of Living Market Research

Explore our valuable market research. Understand evolving industry trends. Make smart strategic decisions during a period of economic uncertainty.

Retail

UK Online Grocery Retailing Market Report 2022

Moving into 2022, the household squeeze does present challenges for the online grocery channel as it is perceived as a more expensive way of buying groceries. This could cause less activity in the channel as inflation continues to rise.

Beauty & Personal Care

UK Babies’ and Children’s Personal Care Market Report 2022

As inflation and the cost of living continue to rise, parents will remain committed to savvy shopping behaviours, in particular discount and bulk buying, presenting opportunities for private labels in the baby care market to appeal to budget-conscious parents through value-led innovation.

Food

UK Attitudes towards Lunch Out-of-Home 2022

As the cost of living crisis intensifies, consumers are changing their lifestyles and reprioritising how much they spend on lunch. The stay-at-home mandates during COVID-19 have encouraged people to spend time developing their food preparation and cooking skills, which has been further exacerbated by inflation.

Retail

UK DIY Retailing Market Report 2022

There is great uncertainty ahead as the DIY industry faces a near-perfect storm due to inflation, supply chain issues and the ongoing Ukraine conflict. These pressures have already seen price rises, lengthening lead times, reduced product availability and labour shortages and these pressures are not set to ease.

Beauty & Personal Care

UK Gifting in Beauty and Personal Care Market Report 2022

UK consumers will soon feel the pinch as a result of rising inflation, energy prices and interest rates which are exacerbated by the conflict in Ukraine. Expenditure on the gifting industry will suffer as consumers look for ways to save money and start to question unnecessary and excessive gifting.

Drink

UK Alcoholic Drinks Market Report 2022

The alcoholic drinks market faces challenges presented by the income squeeze and consumers’ increased health and eco-consciousness due to the pandemic. The ageing population of the UK will also hamper sales of the alcoholic beverages industry.

Explore Additional Cost of Living Resources

Inflation Trends

This trend analysis piece explores the current economic turbulence, particularly how the pandemic and the conflict in Ukraine have contributed to increased inflationary pressures around the world. This collection of market intelligence is available to Mintel clients.

Podcast

Host Andrew Davidson and Toby Clark, Director of EMEA Research at Mintel, discuss the impact of inflation on consumers in Europe and North America and how it will shape consumer behaviour in the coming months, and the overall impact on brands.

Blog

Toby Clark, Director of EMEA research, explores how many lessons learnt following previous financial crises will apply now. Toby identifies three insightful strategies for brands to help consumers deal with a sustained period of inflation and less disposable income.

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