measures to offset the price increases
Even consumers who have noticed a price increase demand more communication: 44% would find it very useful if their preferred companies would communicate price increases for products and/or services to them personally (via email, newsletter, SMS, etc.), 35% would find it somewhat useful.
Overall, 59% of consumers who have noticed price increases feel that companies are making an effort to help their customers deal with price increases on products and/or services. 33% feel that companies are not doing enough to take care of their customers, and 8% have no opinion.
Of the 59% who feel that companies want to make it easier for their customers to deal with price increase singapore telegram data we present the four most frequently mentioned efforts in the following graphic.
How companies are helping their customers during the current inflation
Some companies already offer more payment options, loyalty points and discounts. If your company is not one of them and has implemented price increases or reductions in product sizes, then it is highly recommended to offer these extras to avoid losing customers.
Buy now, pay later is a payment method that can help customers, especially in the current inflationary environment. For customers, this payment method has the great advantage that a desired product can be purchased today without having to worry about paying for it straight away. For retailers, the main advantage is an improved customer experience. This payment method is popular in Germany: 40% of German online shoppers have already used buy now, pay later. Subscription models are also very popular among German consumers: 81% currently have a subscription. The subscription market offers a real growth opportunity.
The majority of consumers have adjusted their spending habits in the current situation. When we talk about the current economic situation, we mean inflation and a possible economic recession: that is, a shrinking economy, higher unemployment rates, stagnating wages and less money for people to spend.
Only 19% say they have not changed it. We conducted the same study in other European countries. In Germany, 81% have adjusted their spending habits, and in the other countries surveyed, this figure is even higher.