With 91% of the population concerned about the rising cost of living many are already adapting their behaviour to save money, including choosing cheaper brands and cutting back on luxuries.
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CEO Alan Jope has promised to maintain “strong” investment in Unilever’s top brands, particularly in ensuring its media spend stays at “competitive levels”.
Sainsbury’s CEO Simon Roberts says value will remain the “key priority” for the supermarket over the coming year, as it commits to “keeping prices low” despite rising inflation.
PepsiCo, which owns brands including Walkers, Pepsi and Doritos, says it is working together with its retail partners to mitigate “consumer reaction” to inflation.
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Supermarket own-brand products now account for over 50% of sales, but there remains plenty of room for brands to make their mark on consumers amid the cost-of-living crisis, analysts say.
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Despite rising inflation and falling discretionary spending, longstanding whisky brand Tomatin plans to grow into a mainstream product this year.
New data shows consumers are already cutting spend across food, eating out and clothing, while analysts expect further cuts to emerge across electronics, holidays and subscriptions.
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As consumers face price hikes and interest rate rises confidence in the economic situation is dwindling, so marketers are encouraged to adjust their strategies accordingly.
In his Spring Statement, Chancellor Rishi Sunak announced a number of measures to ease the impact of the highest inflation rate in 30 years.
Marketers have long lost sight of the fourth P of the marketing mix, but they will need to reassert control over pricing if their brands are to stand up to the pressures of inflation.