Economic uncertainty remains a major factor in consumer buying patterns: concerns with rising living costs, housing scarcity, and financial uncertainty all play a role. However, price of goods and services is not the only consideration for consumers, and marketers need to consider experiences beyond pricing in order to win.
Sentiment on Economic Pressures
The majority of respondents hold a pessimistic view of the economy, especially in regards to inflation. This sentiment is most pronounced among respondents aged 55-64, where two-thirds (67%) feel pessimistic about the rising cost of living, contrasting with younger age groups like 18-24 and 25-34, where just over half (53%) feel similarly concerned. While it’s safe to assume that optimism is more prevalent amongst younger age groups, this optimism is relative, with economic concerns clearly pervasive across all demographics.
Similarly, attitudes toward the economic outlook reveal a wary sentiment. Over half (54%) of respondents feel pessimistic about the economy’s direction, with higher pessimism again seen among older age groups (60% among 55-64). However, job security paints a slightly more optimistic picture: 51% of respondents feel secure in their jobs, particularly those aged 25-34 and 35-44 (57% and 54% optimistic, respectively). This optimism presents an opportunity for marketers, suggesting a willingness among consumers to spend, provided their purchases deliver value beyond cost alone.
| Age Breakdown | |
|---|---|
| 18-24 | 45-54 |
|
53%
10%
37%
|
65%
11%
24%
|
| 25-34 | 55-64 |
|
53%
10%
37%
|
67%
12%
21%
|
| 34-44 | 65-74 |
|
59%
9%
32%
|
63%
13%
24%
|
| Age Breakdown | |
|---|---|
| 18-24 | 45-54 |
|
35%
19%
46%
|
29%
20%
51%
|
| 25-34 | 55-64 |
|
28%
15%
57%
|
28%
24%
48%
|
| 34-44 | 65-74 |
|
28%
18%
54%
|
19%
37%
44%
|
| Age Breakdown | |
|---|---|
| 18-24 | 45-54 |
|
50%
15%
35%
|
58%
16%
26%
|
| 25-34 | 55-64 |
|
50%
14%
36%
|
60%
16%
24%
|
| 34-44 | 65-74 |
|
53%
15%
32%
|
55%
15%
30%
|
| Age Breakdown | |
|---|---|
| 18-24 | 45-54 |
|
38%
20%
42%
|
44%
20%
36%
|
| 25-34 | 55-64 |
|
37%
19%
44%
|
42%
21%
37%
|
| 34-44 | 65-74 |
|
40%
19%
41%
|
35%
25%
40%
|
In an environment where financial concerns are widespread, it may be tempting to adjust price as a lever to spur sales. However, other factors frequently outrank price in purchase decisions. In fact, a striking three-quarters of respondents prioritize the quality of a brand’s products or services over price. This figure is especially high among older consumers, with 83% of those aged 65-74 emphasizing quality.
Convenience is also critical with 61% of respondents rating it above price in their purchasing decisions. Customer service follows, with 51% identifying it as more influential than price, particularly among older demographics (61% among those 65-74). These insights suggest that while economic concerns are prevalent, consumers still value experiences and quality that go beyond a dollar amount.
Reputation, ethics, and digital experience also influence consumer decisions, although to varying extents. Nearly half (49%) of respondents prioritize brand reputation, and 28% look at a brand’s ethical values, underscoring the importance of trust, and alignment with personal values. Meanwhile, a consistent digital experience, although less important overall (24%), is particularly relevant among younger respondents aged 18-34, who have come to expect seamless digital interactions across platforms.
Why the Focus Beyond Price Matters
Economic pressures are significant, but not insurmountable in consumers’ minds. Marketers who emphasize quality, convenience, and customer experience can differentiate their brands, especially amongst those seeking reliability and alignment with personal values. In doing so, they can establish connections that resonate across demographic divides and drive engagement—even amidst less-than-ideal economic conditions.
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