Turbulent Times, Tighter Pocket Books: Enhancing Value Without Dropping Prices

A quick scan of recent headlines makes it clear that businesses and consumers alike are bracing for further economic uncertainty. As consumers tighten their pocket books, businesses likely feel the squeeze too and pressure to slash prices. But, Behavioral Science unlocks a number of alternative strategies that brands can leverage during these turbulent times to maintain relevance and enhance their value proposition. 

Listen in as Ipsos Behavioral Science experts Sarah Mittal, PhD and Greg Gwiasda, PhD, discuss the less obvious and often overlooked, yet predictable, ways that consumers shift their spending during economic uncertainty. Understanding the “why” behind these systematic reactions to financial uncertainty unlock new ways to align with consumer desires to:

• Spend more on “necessities” 
• Stick with their favorite brands
• Restore control by seeking variety
• Connect through nostalgia
• Gain satiation through high-caloric food choices

Aligning with these underlying consumer motivations can open the door to an array of possibilities that create greater value for consumers as we navigate these uncertain times together.