Outbrain has found that consumers are worried about the state economy and are buying more cautiously as a result, but more than half believe it will get better.
With the number of page views for business and finance-related content more than doubling between May and June 2022 – the highest point in two years – Outbrain found more than two-thirds of cautious shoppers are likely to research products online before purchasing, compared with just 39 per cent of other shoppers.
However, those frugal shoppers are likely to remain loyal to brands. Globally, 50.36 per cent of thrifty shoppers are loyal, compared to 39.6 per cent of other shoppers.
Marketers taking advantage of this uncertainty are likely to have reaped the benefits. Brand messaging around today’s economic conditions and its relevance in driving consumer clicks has grown by 39.5 per cent from Q1 to Q3 2022.
But, in spite of the challenges, shoppers are optimistic about the future. Nearly 61 per cent of respondents believed that they would be in a better position in six months’ time.
“This holiday season, brands are on the cusp of real opportunity. This research shows there’s a valuable window of opportunity for marketers to generate trust and value for their brands, but they will need to move fast to avoid missing out,” said Ayal Steiner, Outbrain’s vice president of global ad revenue.
“With the right approach, frugal shoppers can become some of your best, most loyal customers. By appealing to convenience and emphasising low prices, marketers can connect with new consumers by delivering the services they truly want and need.”
Andy Burke, managing director APAC and growth markets at Outbrain, added: “The research proves that the next few months will be absolutely pivotal for brands looking to set themselves up for lasting growth. If you want to reach new customers, establish a presence on multiple channels and be prepared for them to research your brand before making a purchase.
“And with ads on the open web increasingly going toe to toe with social media, marketers who diversify their channels will be in a better position for the long run.”
