Home Business News One in five consumers feel that the Spring Budget will influence how they vote

One in five consumers feel that the Spring Budget will influence how they vote

by LLB political Reporter
26th Mar 24 8:52 am

Following the Spring Budget announcement, consumer polling from Streetbees, a state-of-the-art market research firm, revealed that only one in five (21%) consumers felt that the Spring Budget would influence their voting intentions in the upcoming election, with four in ten (45%) saying it would not be influential.

Streetbees polling included insights from 224 residents in the UK who were eligible to vote and confirmed their awareness of the recent Spring budget.

Impact on wider political decisions

When asked about whether the recent loss of Conservative seats impacted what was announced in the Spring Budget, more than half (69%) said yes, with only 21% saying no. Furthermore, the polling revealed that 62% of consumers felt that the upcoming election was influential on the focal areas announced in Spring Budget. Some specific comments from consumers included:

“Yes, I think if they hadn’t lost so many seats, they may have changed what was being announced. They felt pressure to announce things that would put them back in favour, such as the reduction in national insurance.”

“[It was a] performative gesture to try and win trust and votes in the upcoming election. They just said things that they think their voters are going to want to see, rather than thinking about the full-time impacts on the country and long term impacts on people in general. It was more about who they view as their demographic.”

Cost-of-living crisis support didn’t go far enough

Against the backdrop of the current cost-of-living crisis, the majority of consumers didn’t feel that the Spring Budget went far enough. When asked what they expected to see in the Spring Budget that wasn’t included in the final announcement, the majority mentioned cost-of-living support (35%) and tax adjustments (31%). Some specific consumer comments included:

“Expected the Spring Budget to include more financial support for individuals on universal credit and the reinstatement of the cost-of-living payment for those on PIP. It’s disheartening to see the minority struggling with necessities and relying on food banks, while those in government seem to live in a completely different reality, with butlers at their service.”

“I expected the Spring Budget to include a raise in universal credit rates to help families cope with the cost-of-living crisis, but that didn’t happen. Instead, it seems benefits will be reduced to offset the National Insurance reduction, which I find it absolutely abhorrent.

“With some food prices nearly doubling and mortgage rates climbing, families can’t survive on unchanged benefit rates. It’s the working families, those supplemented by universal credit, who are hit hardest and may have to depend on food banks for meals.”

This commentary aligns with the research findings that revealed that 22% of consumers felt that the Spring Budget announcement did not meet their expectations. Consumers were also asked about what they disliked (if anything), with respondents saying inadequate tax relief (23%), lack of cost-of-living support (18%), and low-income neglect (16%).

The NHS matters most to consumers

According to the polling, consumers ranked the NHS (56%), tax cuts (46%), and national insurance (42%) as the three focal areas announced in the Spring Budget. When asked why these were the most important, 44% mentioned that they are essential services, 39% explained they impact living costs, and 35% said they help people with low income. Specific consumer feedback included:

“The NHS needs more funding and without it, we as a society would really be in a predicament.”

“It is a necessity to live a decent quality of life. We need healthcare, we need housing, we need enough income to survive.”

On the polling results, Vidisha Gaglani, CEO, Streetbees said, “These data points following the Spring Budget are a strong indicator of consumers’ confidence in the UK government.

As the media continues to be flooded with political discourse, it’s imperative brands have a clear understanding of what is top of mind for consumers ahead of the election.

“This will support them in delivering marketing strategies that effectively and authentically speak to the concerns and topics of interest of their target audience, despite the increasing distrust amongst the public.”

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