In 2022, world events have generated what is known as the “crisis of the cost of living”. The rise in global inflation is causing the prices of many consumer products and goods to rise, while wages rarely keep pace… Some consumers take to Twitter to discuss the evolution of the global economy and contemplate drastic restrictions in the balance of their expenses. Talkwalker, Twitter Official Partner and a consumer intelligence company, analyzes these conversations on Twitter to better understand how the public deals with these radical changes and provides its recently published report. Why is it relevant to offer you? Because it turns out that the generation of 18/35 years is the most affected by the problem and it is also our core target in fast food…
While the crises (energy, ecological, climatic, sanitary, economic, environmental, technological, geopolitical, etc.) follow each other and get stuck, consumers around the world are considerably reviewing their needs and applying the necessary restrictions to maintain them. a balanced budget. In summary, impulse buying is placed in the second position, and especially when it comes to buying entertainment and everyday consumer goods. A new constraint for Food Service brands and marketers who should show more empathy towards their consumers, allowing them to adapt their messages, their products and their positioning to demonstrate their awareness and to take into account the feelings of the consumers. However, this is explained in the preamble of this study, which sees more than 16 million tweets observed during the past year.
Conversations about the cost of living are on the rise, especially among 18-34 year olds
Between December 2021 and March 2022, the number of tweets including keywords related to the cost of living increased by 130%, with clear signs of continued growth over the past 12 months. The study suggests that young people between the ages of 18 and 30 are more likely to be affected by changes in the cost of living, and this age group discusses the subject with a vengeance on Twitter. This crisis should drag and thus considerably modify the consumption drivers of consumers. In other words, new buying habits could take over and force brands and retailers to do more thorough work on their menu engineering and in their raison d’être. A closer look at the age demographics shows that people between the ages of 25 and 34 initiated 46% of Twitter conversations on the topic. It is also in this age group that the percentage increase in mentions was the greatest (+144%) between December 2021 and March 2022. Consumers are currently focusing their efforts on balancing their budgets, while the energy expenditure (gas, electricity, fuel) just explodes and nibbles naturally on the pleasure and enjoyment part. This leaves little room for buying non-essential goods and impulse buying.
tea #CostOfLivingCrisis it hits consumers everywhere as the price of products and services rises. While wages remain the same… https://t.co/RA2utIJji0
We have partnered with Twitter, as a @OfficialPartner to analyze the cost of life conversation.
— Talkwalker (@Talkwalker) September 14, 2022
Internet users prioritize fuel and energy, with these being the topic of 67.9% of conversations about essentials. Highlight the areas where a margin of savings is possible. Dig deeper into the problems that consumers are facing and show how your products and services can save time and/or money sometimes to keep a little fun in their lives…
What lessons can be learned, how to communicate with these consumers?
Transparency has become essential to maintain the contract of trust that you have with your consumers. They are ready to accept some price changes on the condition that these are justified and explained in a clear and timely manner. As part of your communication plan, you need to monitor how messages about rate changes are understood, especially when they concern young customers. This can really be associated with an economic awareness and in connection with ecology and global warming. Of course, not everyone manages their budget in the same way and the areas in which consumers limit their spending differ from one to another… In this game, brands that practice commercialism and make drastic changes in prices (or packaging…) risk paying the costs if they didn’t put water in their wine…
? Barometer #Purchasing power @Cofidis : purchasing power is the first concern for 54% of ??. An advance that relegates health to second place in consumer fears (34%), far ahead#environment (27%) https://t.co/RZetQuEcpb pic.twitter.com/XAz9I09eZr
— Isabelle Senand (@isabelle_senand) September 13, 2022
Umameet’s opinion >
More than ever, following the conversation of Internet users on Twitter is essential: the social platform has made “what’s happening now” its brand, allowing brands and marketers to track exactly what consumers have experienced It is still one of the best ways to follow the times, comparing your feedback with what is happening on Pinterest, the most DIY (Do It Yourself) network, and allowing Internet users to act and find solutions. It is also for them now to control their budget balance, to limit the loss of food by all means. And for many brands to take inspiration to meet the deepest aspirations of the moment. More than ever, building with the consumer is paramount in this era that could be very critical…
If these trends make you want to go even further, you can browse this study here and continue the discussion via comments and/or on our social networks Twitter, Facebook and Instagram. See you soon !
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