1、Mintel experts discuss the differences and similarities between the current and previous recessions,with recommendations to help brands weather the storm.Recession and the cost of living crisis:Key challenges and opportunities for brands in the UK Experts in what consumers want and whyHow bad will t

2、he UK recession be?The latest GDP figures showed that the UK economy grew by 0.1%in November,boosted by the World Cup and spending on food and drink.But bad economic news continues to stack up.The Bank of England is predicting a“very challenging”two-year recession.The Office for Budget Responsibilit

3、y(OBR)has forecast a 1.4%fall in GDP(the standard measure of a countrys total economic activity)in 2023,a significant downgrade from its previous expectations.Most important for consumers is the fact that inflation is expected to stay high throughout 2023 and unemployment to start increasing.The Bri

4、tish public is picking up on this pessimism.Research run by Mintel in November 2022 shows that 90%of consumers expect inflation to rise over the coming year,80%that interest rates will rise further,and 42%that the UKs economic output will fall.Consumers recognise that this will affect their financia

5、l well-being too,as 63%think that the level of inflation will harm their financial situation,and 50%that the UKs economic struggles will hurt their finances.Toby Clark,Director of Research,EMEAof UK consumers say they expect that the UKs economic output will fall in 2023.42%2What are the brand oppor

6、tunities during a recession?It is easy to be so focussed on the threats that you ignore the opportunities that economic upheaval can provide.The 2008 financial crisis was painful for many brands,but those that got their communication and innovation strategies right emerged in a stronger position.The