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What points one would agree on the author's points? Article: Inflation has triggered consumer attitudes and behaviors that will not automatically dissipate if inflation recedes.
What points one would agree on the author's points? Article: Inflation has triggered consumer attitudes and behaviors that will not automatically dissipate if inflation recedes. The cost of living rises and wages don't keep up, impacting our pockets. Inflation has subtler cultural consequences, which marketers need to understand. The 2023 Gartner Cost-of-Living and Price Sentiment survey revealed that a third of households reported financial hardship due to price increases, with the most impact felt by low and low-to-middle income households. 38% of respondents reported cutting their discretionary income, more than a third increased spending on store brands, and over 40% switched to generic brands, store brands, and less expensive products. 57% reported postponing milestone events due to cost-of-living pressures. CMO priorities include increasing product availability, offering special deals, and rewards and benefits, while customers prioritize keeping prices steady and not seeing high-level executives get pay raises. To respond effectively, brands should prioritize narratives that speak to thrift and savings and focus on brand values relevant to customers' experience of inflationary pressures
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