A new cost-of-living tracker has been launched to help brands gain better insight into consumer sentiment, behaviour and buying habits.
The tracker, named Vybe, has been built by product intelligence platform Vypr. With publicly available week-on-week data, the retail analyser asks a sample of 65,000 consumers a series of key questions across food and drink.
The latest data (from 6 October 2022) shows that 49% of consumers are now spending less. 40% of shoppers are looking for more offers, and 31% are buying from more value ranges as the cost-of-living crisis heightens.
Additionally, according to market research agency Kantar, Aldi welcomed an additional 1.65 million customers in the 12 weeks leading up to October 2nd due to soaring inflation.
“The Vybe tracker allows a snapshot of consumer behaviour with the ability to compare previous sentiments,” chief executive of Vypr Kevin Baldwin said.
“As financial volatility continues, brand owners need to be able to closely monitor how people are feeling and behaving. The interactive interface offers a ‘quick-glance’ of those weekly micro-changes.”
“As more data becomes available, the tracker will provide a timeline to help understand market trends. For example, the latest data shows that around a third of people maintain their social habits.
“Vybe will track how such trends change as the economic landscape evolves through autumn and winter.”
