Talkwalker, a consumer intelligence platform, in partnership with Twitter, announced the launch of its Exploring the Cost of Living Conversation 2022 report. As a Twitter Official Partner, Talkwalker analysed over 16 million cost of living conversations on Twitter, to understand how this global issue is impacting consumers.
The report helps brands to understand how the public is dealing with the drastic changes taking place across the globe. By diving into the global conversation on Twitter, Talkwalker offers brands a more empathetic view of their consumers – thus enabling them to adapt their messaging, products, and positioning to demonstrate awareness and address consumer sentiment.
The report is based on Twitter conversations from the period June 2021 to June 2022, analysed through Talkwalker’s Consumer Intelligence Acceleration Platform™. This combination of valuable data and powerful analytics provides additional insights into the ongoing situation.
Some of the key highlights of Talkwalker’s findings are below:
- In India, 22% of cost of living conversations on Twitter are on the topic of healthcare, followed by cars (21%) and rent (19.1%)
- Cost of living conversations are multiplying, especially among younger demographics
- Fuel and energy costs are key conversation drivers on Twitter globally
- Consumers are actively seeking from governments, society, brands, and the Twitter community
These insights highlight changes in several consumer buying habits:
- Consumers are willing to spend more, but only within reason, with many concerned about brands potentially profiteering from the crisis.
- Budget cuts are leading people into changing their long-term life decisions, rethinking everything from buying electric vehicles, to how they manage their retirement.
- Many consumers are turning to Twitter for help, with new types of communities born, focused on helping those survive the crisis, with money-saving tips and discount codes.
“There’s no escaping the rising cost of living,” said Elena Melnikova, Talkwalker’s CMO. “With consumers across the globe having their budgets squeezed, and brands facing a challenging sale period. 79% of conversations around the rising costs of essentials are focused on gas, fuel, and rent, leaving less money for food and frivolities. To maintain their appeal, brands need to adjust their strategies to align with consumer concerns and sentiment.”
“Twitter is where the world comes to discuss what’s happening” said Lauren Jenkins, Head of the Twitter Official Partner Program. “As the cost of living crisis develops, we’ve seen people discuss its implications on Twitter. During this time, it’s important that brands stay connected to their customers and listen to their needs. Social listening platforms like Talkwalker can help brands tap into the public conversation on Twitter and discover the insights necessary to encourage emphatic brand actions and communications that will resonate with their audiences.”