Stats NZ has reported the cost-of-living for the average household increased by 7.7 percent in the September 2022 quarter when compared with the same quarter the previous year. Rising food prices were the biggest contributor to quarterly inflation for all household groups – rising 4.1 percent for the average household.
A Westpac Consumer Confidence report recently stated, “confidence has picked up over the past few months but even so, it’s hard to describe the mood in the country as anything but grim”.
Jane Wardlaw, FCB New Zealand Managing Director, says marketers are under pressure at the moment and are often needing to work with smaller budgets.
“Marketing and brand advertising are often the first things to go when times are tight. We believe that is not the right thing to do. Consistent brands are the best poised in a recession because consistency builds trust. If you under invest during tough times, you’ll lose market share and have to invest even more to catch up.”
A recent Salesforce State of Marketing report suggests one in three marketers are feeling the squeeze of tightening budgets, all while consumer expectations continue to rise. The report
