While all the economic data paints a bleak picture for the months (and, possibly, years) ahead, consumers are surprisingly keen to keep spending money. Perhaps this shouldn’t come as a surprise after seeing the resilience of UK consumers during the worst of the Covid-19 pandemic – in fact, lockdown measures, travel restrictions and other Covid-19 impacts could even be a driver for consumer spending during the difficult months ahead.
Google search data shows that searches for “cheap holidays” have increased by 400% over the past year as people take advantage of loosening restrictions. At the same time, Airbnb is posting record-breaking bookings in another sign that people are determined to get away, even if they have to navigate soaring prices.
As expected, consumers are becoming more price
conscious as economic pressure takes dataset hold but this doesn’t mean the cheapest price always wins out. Another important insight from Google Search data is that queries for “cheap and best” have grown by 40% over the past year.
Consumers still demand quality for their money, even if this means prioritising some purchases over others or waiting for the right time to buy (eg: sales promotions).
Key insights:
- Searches for “cheap holidays” have grown globally by over 400%
- Searches for “cheap and best” have grown globally by over 40%
- Searches for “designer outlet” have grown globally by over 90%
- Searches for “specials this week” have grown globally by over 60%
Conscious consumerism continues to grow
Economic uncertainty isn’t silencing themselves rather than stressing dampening interest in conscious consumerism, one of the key emerging trends in recent years. In fact, the economic impact of climate change is becoming increasingly apparent with the UK posting record-breaking temperatures in July as wildfires spread across much of the world and droughts threaten water supplies across Europe.
Google data shows searches for “say no to plastic” have increased by 200% over the past year while queries for “fuel economy” have grown by 70% over the same period.
Rising temperatures and dry weather
Aren’t the only factors driving interest usa b2b list in conscious consumerism, either. Recent investigations have found microplastics in global food chains and forever chemicals in rainwater around the world.
Meanwhile, Europe’s dependency on Russia for oil, gas and coal has exacerbated a fuel crisis that is pushing millions into fuel poverty.
Google data shows searches for “solar panel price in” have grown by 50% globally over the past year while searches for “how much electricity does a” have increased by 40% – and we expect similar searches to continue growing in the years ahead.
