How have your customer’s buying behaviours changed in 2023?
Following 2022 where we saw the cost of living soar, the cost of energy rise, Lizz Truss’s disastrous mini-budget, a series of strikes which are ongoing and talk of a recession, it was impossible to predict where the economy and mood of the nation would be, following Christmas. Every prediction said that spending over Christmas would be down and we would be hit by a potentially deep recession.
The last quarter of last year, following the Truss mini-budget, saw many businesses suffer due to uncertainty and customers holding off on spending. For many businesses sales plummeted.
With January behind us, where are we now?
Anecdotally, from the businesses and customers I have spoken to, the general feeling is that we must simply carry on. We are almost numbed by the past 3 years of constant uncertainty and change.
What does that mean for your business?
Customers are spending money (phew) but how and where they spend money is changing. They are also investing more time, thought and consideration into their purchases. That means as a business we have to invest more in our sales and marketing experiences in order to secure their sale. We need to keep feeding them information, educate them and work to constantly build credibility.