The cost of living crisis is coming... and it will change everything
The domestic energy market is experiencing a period of unprecedented turbulence. 2021 was a challenging year, with soaring costs in the global gas market resulting in around 40* small and mid-sized suppliers going bust.
2022 looks to be the time when this will hit consumer’s pockets. The Resolution Foundation predicts the average UK household will be £1,200 worse off per year.
Alongside this inflation is currently spiralling around 6%, with the ONS this week revealing that prices in the UK rose at the fastest pace for more than 30 years.
These twin forces, mean we are staring down a cost-of-living crisis, which will likely have a fundamental impact almost all sectors. As millions across the country struggle to make ends-meet, consumers will be increasingly forced to make decision on everything from FMCG brand consumption, to their energy suppliers, to how they spend their increasingly dwindling leisure pounds.
That’s why understanding your consumers true options and values is more important than ever.
If you’d like to tap into emerging consumer trends and delivering game-changing business insights, get in touch with us at The Uncommon View.
*Estimate taken Jan 2021, source The Energy Shop