On today’s Business Beat, Jeff shares the results of a study showcasing the causes of decreasing consumer spending.
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Good morning! We all know there are tough economic times ahead. And a new study from Oomiji indicates that 34% of consumers are already cutting back on their spending as a way to deal with the tough economic headwinds we’re heading into. What is driving consumers’ concern most about their spending?
Well, here is what the Oomiji study tells us. No. 1, by far and away, it’s uncertainty about world events and their impact on the economy. Forty-six percent say the war in Ukraine is also affecting their morale. Eighty-one percent say it’s causing them to feel more concerned about the world than our neighbors and friends around us.
And then there’s the wild card, which seems like it just won’t let go. That’s COVID, of course. Few people believe it is over. In fact, the study indicates that as many as 57% of people believe that they will still be facing effects from recurring COVID waves. Now 16% say they fear that they’ll be making less money and that’s why they’re cutting back on spending.
So what does all this mean for business owners? Well, 64% of those participating in the study indicated that businesses should place more emphasis on values that improve the world around us and by doing so, those businesses will win more sales. We’ve heard this as a recurring theme in all of these studies.
So all business owners need to take this seriously and respond accordingly in order to better position themselves and their businesses to get through the challenging economic times we’re facing.
I’m Jeff Sloan, founder and CEO of startupnation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.