VP Pool - Cost of Living Crisis
Recently we put a spin on our trusted Vox Pops Pool. This time using Video Diaries to explore how audiences from across the UK have been affected by the cost of living crisis (the Guardian). Diving into topics of changing priorities due to the economy, how the crisis has affected shopping habits, and what luxury individuals just can’t give up!
The popularity of Video Diaries sky-rocketed through the pandemic. As we searched for safe ways to conduct research and marketing projects, Video Diaries came up trumps! Proving how easy it is to gather actionable data and opinions, virtually. Not only is it easy, but it is also super engaging. Just look at how important influencer marketing and platforms such as TikTok are to modern communications and advertisement strategies. Stepping into the world of your audience brings opinions to life, making insight real.
So, we saw it extremely fitting that we switched up our most recent Vox Pops Pool. Using user-generated content to explore how audiences have been affected by the cost-of-living crisis. Check out a snapshot of what we found out below.
What we found
It is clear from our research that shopping habits have been hugely effected. From impulsive buyer to cautious consumer, individuals are now much more likely to search for deals to help reduce general costs wherever they can. Not only is this shown be to influencing what we buy, but also where. ‘Budget’ supermarkets are becoming increasingly popular as we are looking to swap named brands for reduced prices. Prioritise are massively shifting and mindset is one of the biggest factors to have changed out of the crisis. Where individuals used to be more brazen with their purchases, much more consideration is now taking place.
Further shown when individuals were asked directly if their priorities have changed. Due to the inflation in prices of essential commodities, we were unsurprised to learn that, of course, they have. With the cost of gas, electric, and fuel all steeply rising, one big factor of loss has been people’s savings, and rate of savings. Meaning that a lot of us must sacrifice items which we often deem nonessential and luxury.
However some luxuries have to stay! Takeaways, sky sports, gym memberships, travelling…, everyone has something they can’t give up! Audiences know how essential it is to keep spending money on what they love, for their own enjoyment and mental wellbeing. It is also very clear how important it now is to know your audiences’ preferences. With unplanned spending at an all-time low, individuals are more than ever only spending money on what they know they love.
Discover more about Video Diaries!
Learn more about video diaries through case studies, research, and blogs.
See how we helped Spire Healthcare and California Walnuts unlock their audience through Video Diaries.
Read more about User-generated content, working through lockdown, andhopes and fears for this year, below.