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5 brands supporting young people during the cost of living crisis
You’re probably tired of hearing the words ‘cost of living crisis’. But, with 78% of students cutting back on non-essential spending and 67% looking for cheaper versions of products they would normally buy, we wouldn’t blame you if for a split second you considered pulling your student advertising spend. Before you do, hear us out. The cost of living crisis presents a unique opportunity for brands to stand by – and support – students through the crisis. Our very own founder and CEO, Nick Musto is a great example of why brands should take this opportunity to double down on their student marketing strategy; gaining students’ trust now can lead to lifelong loyalty. Nick still banks with the same company who he opened a student bank account with many moons ago!
Some brands are already showcasing the ways in which they’re supporting customers in store, online and throughout their advertising. From freezing product prices to creating loyalty schemes, and highlighting value for money Check out five brands who’s response to the crisis has got student consumers talking… in a positive way!
Superdrug
Superdrug has frozen prices on more than 130 own-brand essential items. Our research shows that 67% of students will begin to look for cheaper versions of the products they normally buy and with Superdrug’s support this will be made possible. Not only that, but Superdrug has positioned themselves in a way that means their sales are less likely to suffer from the effects of the crisis due to their offering of affordable products.
Iceland
Iceland has partnered with ‘Utilita’ an energy firm and has introduced new energy-saving cooking guidance on their packaging. As part of this partnership, Utilita conducted research into how people can ‘Shop Smart, Cook Savvy’. They’ve shown that households can save £202 a year by using more energy-efficient appliances, such as air-fryers, microwaves and slow cookers and offer advice on how households can save up to £426 a year by batch cooking and simmering rather than boiling. Iceland is a great example of how your brand can leverage partnerships to support students through the cost of living crisis.
Amazon
Did you know students can get Amazon Prime free for the first 6 months and then half price from there on out? With Amazon Prime, comes Amazon Fresh. In response to the current climate,Amazon Fresh has cut prices across various food products including fruit, vegetables, meat and fish every week to support those who are deeply affected by the cost of living crisis. There is no ‘quota’ that needs to be met in order to qualify for these discounts making it a great opportunity for students to head to Amazon for help. NUS discovered (as reported in the Guardian) that 11% of students are visiting food banks in light of the crisis. With the support and ease of Amazon Fresh, the hope is that students will be able to turn to them when in need.
Barclays
The high street bank have announced they will be opening a Money Worries Hub, providing customers with guides and real-life stories that show you how to take control of your finances. The bank is also running free budgeting workshops hosted by Money Mentors to offer their customers guidance on financial spending to help their customers feel more in control of their finances and spending. This initiative increases trust and adds a sense of security, especially for those that are banking with their own money for the first time and spending in new categories, like students are. Ultimately, leading the way to an increase in lifelong loyalty.
John Lewis
Christmas is only 10 Fridays away;cue the John Lewis Christmas Ad! As we are all aware, John lewis go all out when it comes to their christmas adverts and this year they are doing the same when it comes to supporting their customers during the cost of living crisis. Christmas shopping can be a challenge in itself, let alone when prices have risen and you’re a uni student living off a student loan. John Lewis are set to help their customers this Christmas with additional offers such as, 20% off handbags, womenswear, menswear, bedding and so much more. With 28% of Gen Zers considering discounts and promotional codes to be a key purchase trigger, great offers like that of John Lewis, give students the opportunity to buy gifts for their loved ones this Christmas, on a budget and without feeling the blow as well as boosting their sales.
Have you responded to the cost of living crisis in support of students? Spread the word via campus advertising. If you are ready to step up and give your customers as much support as possible during the cost of living crisis as well as taking the opportunity to continue to build your brand, get in touch today.