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Cost of living crisis the main priority

When asked what they wanted to see included in the Budget, 41% – wanted the Chancellor Jeremy Hunt to tackle the cost-of-living crisis, followed by taxation changes (39%) and investment in healthcare (24%). 

The follow up after the Budget found that more than a third (35%) of people felt Hunt didn’t go far enough to support the cost-of-living crisis and 22% were disappointed that the government didn’t meet their expectations.

“I expected the Spring Budget to include a raise in universal credit rates to help families cope with the cost-of-living crisis, but that didn’t happen,” said one female participant, 44.

“Instead, it seems benefits will be reduced to offset the National Insurance reduction, which I find absolutely abhorrent. With some food prices nearly doubling and mortgage rates climbing, families can’t survive on unchanged benefit rates.

Adding: “It’s the working families, those supplemented by universal credit, who are hit hardest and may have to depend on food banks for meals.” 

It’s of little surprise that financial concerns continue to dominate public opinion. Brands must be sensitive to this; when purse strings are tight, consumers want to know that what they’re buying has value.

To achieve this, brands must stay connected to their customers to find out what’s most important to them and respond accordingly, whether that means adapting the level of service, offering deals or incentives, or something else entirely.

Changing public opinion

Our insights also highlighted how changeable public opinion can be. Pre-Spring Budget, 49% of respondents said that Jeremey Hunt’s promises would likely influence how they vote in the upcoming General Election, but this fell to just 21% after the event.

This could imply that the announcement did not sway voting intentions, one way or another. 

 

“I didn’t really expect anything that wasn’t announced in the Spring Budget; it was quite predictable. The National Insurance cut was the main thing I was looking out for, and it was widely reported before,” said another female participant, 53. 

 

It could also show that the budget failed to create enough of an impact for the public. “An extra three quid a-week is not going to cover the gaps in my income,” explained one male participant, 61.

 

But changing consumer attitudes also highlight how important it is for brands to keep their finger on the pulse of public opinion to stay relevant. By aligning with popular sentiment, businesses can enhance their brand affinity with their target audience and build stronger relationships with their customers.

 

Areas of focus

 

When asked which changes they were aware of as part of the Spring Budget the majority said they expected changes to national insurance (71%), followed by tax cuts (50%) and alcohol duty (41%).

 

Fewer were aware of changes centred around EV vehicle funding (7%), tech funding (6%) and policing (5%).

This awareness of specific focus areas over others could be an indicator of public interest, which is invaluable to brands when shaping strategy. 

In an age of fake news, authenticity is key. Brands must work to understand the people they’re targeting and adjust their strategies accordingly. This isn’t just about a single act or a new product, but by ensuring overarching values are embedded in everything they do. 

Important political moments in time, such as the Spring Budget, help businesses understand what matters most to their consumers. By engaging with consumer sentiment and aligning strategies to prevailing attitudes, businesses can bolster their brand reputations and foster deeper connections with their target audience. 

Ultimately, research on consumer sentiment can act as a guide for companies, enabling them to navigate the intricacies of consumer opinion on political and social issues.