When choosing to purchase an item, especially one at a significant cost, everyone could do with advice. And with the growth in online communities and creators going niche in their focus of content expertise, there is more access to product information and reviews than ever before.
As the cost of living crisis continues and consumers in the world’s richest nations see their spending power lessen, over half of U.S. and U.K. adults are turning to influencers to help them discover cheaper options when shopping around.
In a survey of 2,000 adults from both countries, We Are Social and Statista discovered that 59% of social media-using respondents had found help in discovering cheaper products or services through influencers, who have begun to post more budget-friendly content.
The Knowledge Flex
The report, titled Rethinking Value During a Cost of Living Crisis, was produced in response to the way people’s behaviors are changing on social media, as well as where they turn for advice and insights when shopping.
Mobbie Nazir, global chief strategy officer for We Are Social, told Adweek that the aim was to consider emerging social trends, including what is a signifier of “value” and of “status” in a difficult economy.
“The best [influencers] are very authentic in what they communicate as a human first, whether it is as a mum or as a student or whatever community they belong to—they communicate from that perspective first, not from a brand-first perspective,” she explained of how consumer trust is developed.
They want to be able to help people in their audience, to say that they understand their problems [and] they understand how they can help.
Poku Banks, finance influencer and co-founder of The Gen Z Club
According to the research, 45% of respondents have been actively looking for more money-saving content on social media since the cost of living crisis hit. More than a quarter (26%) also revealed they are now more likely to click on or purchase budget products advertised or shared on social media, with 59% saying that influencers had helped them source cheaper options.
Saakshi Kaushik, social media manager for cosmetics ecommerce company Beauty Pie, has seen how effective influencers can be in developing that trust for brands by sharing genuine recommendations, such as drug store-bought concealers that perform as well as department store brands.
