AdWeek Europe 2023
Advertising Week Europe returned to London on 16-18 May. This year’s theme was STEP FORWARD:- in the midst of a globally challenging year (post-pandemic, recession, political upheaval, conflict, and rising costs of living), it is time to get practical on delivering transformative change in our businesses, workplaces, and communities.
Mediabridge attended AWEurope to hear from the greatest minds from brands, media, agencies, and tech. Jenny and Georgia, Account Executives, report.
Jenny McKimm, Account Executive, says:
Understanding Consumer Behaviour in a Shifting Economy was a fascinating talk from consumer insights and audience research company, GWI. Their research has scale and scope to accurately measure people's habits and views; what they buy, the brands they engage with, and how their values intersect with purchasing decisions.
Stand out data insights for me were:
Nearly 30% of UK consumers think their finances will improve
¼ of those uncertain about their finances say they will make a spontaneous short-term purchase for a morale boost
People are cutting back on spending on home-related products and instead prioritising experiences
People are torn between living life to the fullest and being more cautious with their spending
We can already see the ‘lipstick effect’. As with historical recessions, indulging in little luxuries such as cosmetics, becomes more common as consumers look for a short-term morale boost.
For brands, this means that - more than ever - they need to find out about their audience’s thoughts and desires to get this delicate balance right; to understand that consumers are torn between living life to the fullest and being cautious with their spending.
The marketing opportunity for brands lies in where they can add value to their consumers.
In terms of messaging how brands can add value to their consumers' lives, 53% want brands to focus on quality, 36% want to focus on cost, 31% want a brand with a good reputation and strong brand presence, and 32% of consumers need to trust the brand.
Certainly, communicating these value-adds is where broadcast mediums such as Out Of Home can help.
Georgia Papaspyrou, Account Executive, says:
Attending a Tech Lab Talk with Matt Scheckner and Amy Pearce on ‘Why Non-Disruptive Ads Are Key to Industry Survival’, they discussed the ongoing problem that with a large shift towards digital ads and online ad automation, consumers are finding online ad banners too intrusive. This has led to an overall ‘ad blindness’ online, in which advertisers are failing to see the success of their online digital activity, with 91% of consumers claiming they would not buy from a brand if they find their ads too intrusive online.
This underlines how the nature of online and offline are critically different. Both will keep evolving, with tech driving them forward, but outdoor advertising is highly regarded, positively affecting brand trust and perception of brand quality. Therefore our medium provides an opportunity if online trust is on the decline.
