When consumer confidence dips, strong businesses don’t pause—they pivot. Here’s how market research helps them stay ahead:
1. Size the opportunity and prioritise ruthlessly
50% of professionals say they plan to grow their business by expanding into new markets, while 41% aim to grow by entering new product categories. In a tight economy, every investment needs to deliver impact. Leverage market and customer data to prioritise decisions and make every dollar count. This helps you focus only on the markets, categories or segments with the highest return—and avoid chasing distractions.
2. Forecast different scenarios for confidence
In uncertain times, forward-looking insights matter most to avoid being caught off guard. Smart businesses use demand modelling and scenario planning to forecast performance, guide planning and avoid costly missteps. Forecasting factors—like which channels are likely to drive demand—helps you prioritise where to focus and maximize growth in uncertain times.
3. Test pricing and understand value perception
Even when customers cut back or postpone big splurges, they still seek small treats or feel-good swaps. It’s more cost effective to keep a customer than acquire a new one, thus offering an affordable premium can drive loyalty without breaking budgets. Before reacting with discounts or price hikes to offset costs, the smart move is to first understand how customers perceive value, where price sensitivity lies and how competitors are pricing similar offerings.
4. Address emerging needs and adjust positioning
39% of industry professionals agree innovation will come mostly from organic activities and projects in 2025. Tough times create new pain points. As routines shift, so do use cases. Are your products or services now more relevant at home? Are they perhaps more useful for side hustlers or budget-conscious families? Research helps businesses find adjacent problems they’re well-positioned to solve.
5. Benchmark performance against broader market metrics
In uncertain times, having the full market view of your performance vis a vis the competition is critical for spotting early warning signs. One source of truth allows businesses to adjust strategies before it is too late. Successful businesses invest in having sharper visibility into how their categories, sub-categories and segments are performing relative to the broader market to ensure agility in navigating change more effectively.
Looking ahead
Economic slowdowns are challenging—but they’re also opportunities for businesses to recalibrate and refocus. By prioritising smart strategies like data-driven decision-making, customer retention and value-led innovation, your business can thrive.
At Euromonitor International we are here to help you navigate turbulent times. With experience guiding businesses through periods of uncertainty—such as rising inflation, geopolitical tensions and past financial crises—we understand the complexities of navigating uncertain business landscapes.
We offer a range of custom research solutions designed to address your specific needs.
