Cost-Of-Living Conversations Reveal The Impact On Global Consumers

Cost-Of-Living-Conversations-Reveal-The-Impact-On-Global

The report findings revealed that People on Twitter aged 25-34 years saw the sharpest increase in the cost of living conversations

On the one hand, brands are trying to use every trick in the book to boost sales; budget cuts are compelling consumers to rethink everything from buying electric vehicles to managing their retirement.

Seventy-nine per cent of conversations on Twitter moved around the rising costs of essentials like gas, fuel, and rent, leaving less money for food and frivolities, revealed the Exploring the Cost of Living Conversation 2022 report Talkwalker and Twitter compiled the report.

Talkwalker, a consumer intelligence platform, along with Twitter, analysed over 16.2 million cost-of-living conversations to reveal the impact on global consumers.

This report is an important social listening exercise. Social listening helps enterprises understand the conversation surrounding their brands, products or services. It is an important tool for marketers as it provides valuable consumer data. Companies can then use this data to readjust or evolve their brand strategies and improve their products and services accordingly.

The report findings revealed that users on Twitter aged 25-34 years saw the sharpest increase in the cost of living conversations, highlighting their increased concerns about the crisis. Consumers are most anxious about the rising cost of gas and heating. Many believe long-term saving solutions are prohibited by high initial outlays.

These insights highlight 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 lead people to change their long-term life decisions, rethinking everything from buying electric vehicles to managing their retirement.
  • Many consumers are turning to Twitter for help, with new types of communities being born, focused on helping those survive the crisis with money-saving tips and discount codes.

As a Twitter Official Partner, Talkwalker analysed over 16 million cost-of-living conversations on Twitter to understand how this global issue impacts consumers.

The insights will push the brands to be more empathetic during the present time and allow them to adapt their campaigns and communication strategies to fit today’s consumers’ wants and needs.

“There’s no escaping the rising cost of living,” said Elena Melnikova, Talkwalker’s CMO. “With global consumers’ budgets squeezed, brands face a challenging sale period. Around 79 per cent 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 must adjust their strategies to align with consumer concerns and sentiment,” said Melnikova.

Talkwalker’s Consumer Intelligence Acceleration Platform analysed the data.

“As the cost of living crisis develops, we’ve seen people discuss its implications on Twitter. During this time, brands must 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 decisive brand actions and communications that resonate with their audiences,” Lauren Jenkins, Head of the Twitter Official Partner Programme.

If you liked reading this, you might like our other stories

Does Retail Need Vendor Management Tools?
July Round-Up: All The Tech News You Need To Know