Rising Cost of Living Driving 1 in 2 Consumers to Cut Back on Spending, According to LoopMe Survey
Of nearly 18,000 consumers surveyed in U.S., U.K., and Australia, 67% do not want to work from the office, and 18% would take a pay cut to work remotely
LONDON and NEW YORK – August 3, 2022 – LoopMe, a leading brand-focused mobile advertising platform, today announced the release of its latest research report, “Adjusting to the New Economic Climate and Working Environment.” The report unveils findings from a mobile survey of 17,861 respondents across the U.S., U.K., and Australia in Q2 2022 to understand consumer sentiment of the current state of the economy. The survey data was non-incentivized and normalized for population and gender splits by country.
Findings reveal that 47% of consumers are consciously spending less due to cost-of-living price increases and that more than two thirds (67%) of professionals in office-based roles prefer working from home full-time, with nearly 1 in 5 opting for a salary cut to do so.
“Consumers worldwide are watching their wallets right now, and brands are left adjusting to these trends from a business perspective. Marketing agility in the current economic environment is paramount,” said Stephen Upstone, CEO and co-founder of LoopMe. “Leveraging technology and AI to effectively personalize advertising content is one way brands can quickly adhere to changing consumer needs and preferences, whether that’s showcasing new deals or highlighting products that do better when purse strings are tight. Brands are also paying close attention to hybrid work preferences, as less time driving to the office extends time online browsing content.”
Additional findings from the study include:
- 52% of consumers felt their company could offer higher wages to help with rising cost of living
- 21% of consumers are incentivized to come to the office for a salary increase and 7% choose to work from the office more to save on utility bills at home
- 11% of consumers have increased the number of days they work from home to save on travel costs
- 8% of consumers revealed their companies offer cycle to work plans to help with transport costs
To view the full research report please visit https://info.loopme.com/purchaseloop-research-economic-climate-working-environment
LoopMe, a leading outcomes-based platform, closes the loop on digital advertising. By leveraging AI to optimize media delivery in real-time, we drive measurable uplift for business outcomes and more effective advertising across online and offline marketing goals, including brand lift, purchase intent, consideration, foot traffic and sales. LoopMe was founded in 2012 with the mission to create better consumer experiences through innovation, powered by data, in order to bring people and brands together. The Company is headquartered in the UK, with global offices across New York, Boston, Atlanta, Chicago, Detroit, San Francisco, Los Angeles, Toronto, Singapore, Dnipro (Ukraine), Krakow (Poland), Japan and Hong Kong. For more information, please visit www.loopme.com.