Insight into pre-election consumer trends

At last the campaigning can begin in earnest, and economic recovery will be a crucial election battleground. According to a bespoke study* commissioned by Lansons, over half of the electorate sees the economic crisis as the most serious problem facing the UK today, and only one in twenty do not perceive it among the most serious problems facing any incoming Government. Richard Winder, Associate Director, highlights the key trends in consumer opinion based on the Search for Answers research (Lansons’ ongoing consumer opinion study).

You might, therefore, expect the major parties to have their finely honed, credible solutions laid out well ahead of today. But our research reveals that no party has made meaningful headway with the voters in terms of their strategy for economic recovery. Indeed the enviable 16 point lead that the Tories enjoyed on this issue just a year ago has since withered to a meager four per cent by early March.

Far from Labour gaining ground, the British public now lacks significant faith in any of the established parties on the issue of the economy. While the Tories retain a marginal lead over Labour (24 vs 20 per cent), a similar number (22 per cent) now claim no political party offers strong enough policies to get Britain’s economy working again. Baleful reading indeed for the campaign strategists.

On the ground, consumers are angrier than they were a year ago. The past year’s recession has hit home in a range of ways. Incomes have been squashed, jobs lost, investments battered and credit withdrawn. And the banks are still blamed twice as much as politicians for this situation.

So as the politicians set off on an uphill slog to sell their economic recovery plans to voters, it is the financial services sector that faces the toughest sell of all in restoring consumer confidence and trust. Striking a strong chord with their audiences via an appropriate mix of content, tone and channels will be instrumental in each organisation’s success.

We will be publishing the latest edition of the Search for Answers*, our ongoing study into consumer sentiment and behaviour in the lengthening shadow of the financial crisis. In particular we will be offering insight and a strategy for how companies can re-engage with their customers and the communications revolution that needs to happen.

Whilst the public spotlight may singe politicians’ collars over the next month; it will soon swing back onto household financial issues once the election dust has settled. So financial services companies have a unique opportunity to grow and differentiate their brand under this spotlight, by engaging openly with consumers on their own agenda. That some will succeed based on their response to the economic crisis is certain – the next Government will wish it could say the same.

To find out more about the Search for Answers* study, contact searchforanswers@lansons.com

Sealing the deal

Two weeks before the start of a General Election campaign is not typical timing for a political party with a consistent poll lead over the Government of the day to change its advertising agency. The call to Saatchi & Saatchi wasn't borne out of purely creative inspiration. Rather, despite that poll lead, the Tories are acutely aware that they have not, as they say, 'sealed the deal' with voters, and economic competence is at the heart of it. It was apparent in the Chancellor's television debate last week, and its clear from the doorsteps in the marginals. Head of Public Affairs, Ben Abbotts, summarises the political process leading up to the General Election.

To read more click here

Events

In the run up to the election, Lansons Public Affairs & Regulatory Consulting will be hosting a number of events with key opinion formers. Please click on the links below for further details.