Young consumers across the world are most anxious about the rising costs of gas, fuel and rent that are having an impact on their lives, according to a study based on Twitter conversations.
Talkwalker, a leading consumer intelligence platform, in partnership with Twitter, announced the launch of its Exploring the Cost of Living Conversation 2022 report. As a Twitter Official Partner, Talkwalker was able to analyse over 16 million cost-of-living conversations on Twitter, to understand how this global issue is impacting consumers.
The study found that people on Twitter, aged 25-34, saw the sharpest increase in cost of living conversations, highlighting their increased concerns about the crisis.
The insights within this report can enable brands to be more empathetic during this time, and allow them to adapt their campaigns and comms strategies to fit today’s consumers’ wants and needs, says the study.
The study highlights changes in several consumer buying habits:
● Consumers are willing to spend more, but only within reason, with many concerned about brands potentially profiteering from the crisis.
● Budget cuts are leading people into changing their long-term life decisions, rethinking everything from buying electric vehicles, to how they manage their retirement.
● Many consumers are turning to Twitter for help, with new types of communities born, focused on helping those survive the crisis, with money-saving tips and discount codes.
“There’s no escaping the rising cost of living,” said Elena Melnikova, Talkwalker’s CMO. “With consumers across the globe having their budgets squeezed, and brands facing a challenging sale period. 79% of conversations around the rising costs of essentials are focused on gas, fuel, and rent, leaving less money for food and frivolities. To maintain their appeal, brands need to adjust their strategies to align with consumer concerns and sentiment.”
The report is based on Twitter data, analysed through Talkwalker’s Consumer Intelligence Acceleration Platform. This combination of valuable data and powerful analytics provides additional insights into the ongoing situation.
“Twitter is where the world comes to discuss what’s happening” said Lauren Jenkins, Head of the Twitter Official Partner Program. “As the cost of living crisis develops, we’ve seen people discuss its implications on Twitter. During this time, it's important that brands stay connected to their customers and listen to their needs. Social listening platforms like Talkwalker and social media
platforms like Twitter can help brands discover the insights necessary to encourage emphatic brand actions and communications that will resonate with their audiences.” - TradeArabia News Service
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