Unlocking the Truth: 5 Captivating Statistics to Kickstart Your Week
Stay informed with our concise roundup of the week's key stats From rising grocery prices to consumer infidelity, and the prevalence of imposter syndrome among marketers, to the surge in digital wallet use and the continued importance of programmatic advertising in DOOH
Grocery price inflation weighs on consumers
Grocery price inflation reached a record low of 12.2% in August, marking the lowest level in more than a year. However, data from Kantar reveals that 95% of consumers are deeply concerned about the consequences of escalating prices in supermarkets, a worry proportionate to their anxiety about energy bills.
Discount retailers Aldi and Lidl are surpassing their industry competitors due to the financial hardship faced by nearly a quarter of the UK population. In August, Aldi experienced an impressive sales growth of 17.1%, closely followed by Lidl with a 16% increase. This has allowed them to collectively secure 17.7% of the market share. As these discounters attract more consumer spending, the demand for own-label products also rises as individuals seek to effectively manage their budgets.
The increase in own-label sales, which are prominent in Aldi and Lidl stores, has been a significant trend recently, according to Fraser McKevitt, head of retail and consumer insight at Kantar. In the latest month, these sales grew by 9.9%, and supermarket brands now account for more than half of our purchases, compared to 48% in August 2013. This shift represents a £3bn change in sales away from branded products.
Consumer infidelity is on the rise
Rewritten Version: The Importance of Discounts and Promotions in Driving Consumer Demand
Consumers’ lack of brand loyalty is supported by research conducted by the Data & Marketing Association (DMA). According to the study, discounts and promotions play an increasingly crucial role in influencing consumer behavior. In fact, more than half (51%) of adults in the UK now rely on offers to test out new brands and products, representing a significant increase from 44% last year.
This presents brands with an opportunity to attract new consumers and increase their customer base. However, data shows that 63% of consumers frequently change their preferences for brands, shops, and websites due to deals and offers. This is the highest percentage recorded since the start of the DMA's research. Consequently, brand loyalty is becoming increasingly conditional, requiring brands to exert more effort and offer greater discounts to retain their customers.
Source: DMA
Majority of marketers suffer from imposter syndrome
Imposter syndrome is prevalent in the marketing industry. According to research conducted by online careers platform PushFar, more than 80% of marketers have experienced imposter syndrome during their careers. This means that a significant majority of marketers unnecessarily fear being exposed as inadequate.
Furthermore, nearly two-thirds of those affected by imposter syndrome attribute its onset to being promoted to a new role. The second most common trigger is having to venture outside of one's comfort zone, such as engaging in public speaking engagements.
Around 40% also state applying for a new job is a key trigger, potentially limiting their path through the industry.
Source: PushFar
Digital wallet use set to surge in the UK
Digital wallet purchases are set to surpass card transactions within 10 years, according to data from FreedomPay and Retail Economics.
According to the research, the use of digital wallets, particularly PayPal, is projected to rise from £72.5bn to £127.7bn by 2028. Currently, digital wallets account for approximately 17% of spending in retail, leisure, and hospitality, slightly behind cash at 18.8%. However, in the next five years, the value of digital wallet transactions is expected to increase by 76.3%, surpassing other payment methods such as loyalty points and buy now, pay later (BNPL) services.
Source: FreedomPay/Retail Economics
Programmatic continues to be a priority for DOOH
Within the previous 18-month period, approximately 31% of UK advertisers integrated programmatic digital out of home (prDOOH) into their campaigns.
According to a survey conducted by DOOH supply-side platform VIOOH, respondents have expressed their intention to further boost their investment in this medium by nearly a third within the next 18 months.
To achieve this, 33% of advertisers are reallocating funds from other digital channels, while 24% are reallocating funds from traditional channels. Additionally, 15% are creating new budgets specifically for the growth of prDOOH.
VIOOH credits this overall increase in activity to the recognition of unique benefits, such as hyper-targeting (64%), heightened brand awareness (64%), excellent viewability (59%), and the ability to generate ROI (57%).
Source: VIOOH
