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Young consumers around the world are most concerned about rising gasoline, fuel and rent costs affecting their lives, according to a study based on Twitter conversations.
Talkwalker, the leading consumer intelligence platform, has partnered with Twitter to announce the launch of its Exploring the Cost of Living Conversation 2022 report. As an official Twitter partner, Talkwalker is able to analyze more than 16 million cost-of-living conversations on Twitter to understand how this global issue affects consumers.
The study found that Twitter users between the ages of 25 and 34 saw the biggest increase in cost of living conversations, underscoring their growing concerns about the crisis.
The research shows that the insights in this report can make brands more empathetic during this time and allow them to adapt their campaigns and communications strategies to suit the needs of today’s consumers.
The study highlights several changes in consumer buying habits:
● Consumers are willing to spend more, but only within reason, and many fear brands could profit from the crisis.
● Budget cuts are leading people to change their long-term life decisions, rethinking everything from buying an electric car to how to manage retirement.
● Many consumers are turning to Twitter for help, and a new kind of community has been born, focused on helping people through the crisis, offering money-saving tips and discount codes.
“The rising cost of living is inevitable,” said Elena Melnikova, Talkwalker’s chief marketing officer. “With consumer budgets squeezed across the globe, brands face challenging sales periods. 79% of discussions about rising costs of essentials focus on gasoline, fuel and rent, reducing money for food and chores “To remain attractive, brands need to adjust their strategies to accommodate consumer concerns and emotions.”
The report is based on Twitter data, analyzed through Talkwalker’s Consumer Intelligence Acceleration Platform. The combination of valuable data and powerful analytics provides additional insights into the current situation.
“Twitter is where the world talks about what’s going on,” said Lauren Jenkins, head of Twitter’s Official Partner Program. “As the cost of living crisis unfolds, we’ve seen people take to Twitter to discuss its impact. During this time, it’s important for brands to stay connected with 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 brand actions and communications that resonate with their audiences. ” – Arab Trade News Service
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