Survey shows income diversification and spending cuts

A recent Stickybeak poll showed respondents are currently supplementing their main income with freelancing and gig work to help keep on top of the cost of living.

Written by Kerryanne Nelson
November 10, 2022

Social media influencers however, fared much worse, with 54% of Australians, 59% of UK respondents and 52% of American respondents viewing them as “bad or very bad” as a source of investment information.

Get ready to pivot

Spending less and switching to cheaper brands are what consumers are saying they will do in the next 12 months to cover increasing living costs.

Providing great value for consumers will be pivotal for brands over the coming 12 months with 66% of Australian respondents, 61% of UK respondents and 71% of American respondents confirming they will actively spend less to enable them to save.

Consumers have also overwhelmingly signalled they’ll be switching to cheaper brands to cover increasing living costs, with 58% of Australian respondents, 67% of UK respondents and 60% of American respondents confirming they’re “likely or very likely” to change their purchasing habits and buy cheaper brands.

Respondents also signalled that increasing credit usage may also be a lever they use to combat the cost of living, with 18% of Australians, 16% of UK and  22% of Americans saying they were “likely or very likely” to increase credit usage.

If you’re strategising about how to continue to reach customers and grow your business amidst ongoing global financial pressures, Stickybeak can help you get closer to your customers to understand what they need and want - and what their limitations are.

Watch our quick demo video to see how Stickybeak can help you get the insights you need to make better decisions, or book a demo with one of our research experts. We’d love to chat.


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