How do consumers feel about the cost-of-living crisis?

With inflation above 10% for the first time since the early 1980s, households across the UK are struggling. Real terms wages are falling. Taxes are increasing. The cost of basic items – such as food, energy, fuel, and mortgage or rent costs – have gone up dramatically.

As a result, many are being pushed into poverty. Their responses are being documented online, through the TikTok hashtag #CostofLivingCrisis. It’s the latest trend to grip TikTok, the world’s most popular entertainment app.

#CostofLiving posts highlight, in human terms, the financial as well as emotional crisis that many consumers are going through. We see users constantly worry about their finances and being forced to make difficult decisions every day.

Many describe feeling low, anxious, sad or angry – and in countless other videos, these moods are tangible but unspoken. Other users recount the physical toll that financial stress is taking on their body, such as struggling with insomnia, low energy, headaches, high blood pressure or constant anxiety.  For some, the trade-offs include having to borrow money at the end of the month to make ends meet. A few respond to the crisis by taking loans, raising fears about accumulating long-term debts.

It is clear, therefore, that brands need to get to the bottom of these diverse emotions and coping strategies to reach and engage audiences. Reading the public mood correctly and responding with empathy, not condescension, is vital to navigating the complexities of this new economic landscape.

To provide brands with this essential business insight, we’ve analysed more than 500 TikTok videos on the cost of living crisis using our first-of-its-kind, qualitative TikTok methodology. By exploring how consumers talk about their struggle, what emotions they’re experiencing and what coping mechanisms they are using to overcome them, we will show brands how to walk in their shoes. What opportunities you have to reach them.

Watch our webinar to learn to speak their language.

You can also read the report here.

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