The cost of living: A growing crisis in consumer confidence? | Trustpilot Report
The cost of living crisis is a hot topic in today’s world, and consumers are increasingly aware of how it affects their daily lives. To better understand how retailers are perceived by consumers in light of this crisis, Trustpilot conducted a Cost of Living Crisis Report. In this report, retailers such as Superdrug, Next, Annie’s Naturally, Nike, River Island, Idk Fashion, and Katie Loxton were reviewed.
The report found that retailers who offered discounts, loyalty rewards, and low prices on basics were seen positively by consumers. Additionally, retailers who provided cashback offers and assistance with budgeting were also viewed favourably. These practices were seen as helping consumers save money and stretch their budgets further.
However, some businesses were also found to be taking advantage of the cost of living crisis, with 30% of respondents feeling that some retailers were using the crisis to profit by increasing costs or reclaiming lost profits from the pandemic. This has led to a lack of trust in businesses, with consumers feeling that they are being exploited for their financial struggles.
On the other hand, 26% of respondents felt that businesses had gone above and beyond to help consumers in the past 12 months. This shows that some businesses are making efforts to support their customers in these challenging times.
To address the concerns raised in the report, Trustpilot recommends enhanced transparency around price changes and a wider dialogue between businesses and consumers on how the cost of living crisis is affecting them. By engaging in this dialogue, businesses can gain valuable insights into how they can better support their customers during these challenging times.
In conclusion, the Trustpilot Cost of Living Crisis Report highlights the importance of businesses taking a customer-centric approach to their operations. By offering discounts, loyalty rewards, and low prices on basics, businesses can help their customers save money and stretch their budgets further. However, it is equally important for businesses to listen to their customers and address their concerns around rising costs and lack of trust in businesses. By doing so, businesses can build stronger relationships with their customers and foster greater loyalty over time.