Changing Face of Consumer Vulnerability Research Report

This research report revisits the evolving landscape of consumer vulnerability in the UK, focusing on the changes over the past year. It highlights the impact of external pressures such as the cost-of-living crisis and modifications to the Winter Fuel Payment, which have increased financial strain on various consumer groups. The report identifies two new consumer archetypes and emphasizes the challenges in recognizing vulnerable individuals, many of whom do not self-identify as such. It outlines key drivers of vulnerability, including health issues, life events, and financial resilience. The findings indicate a growing awareness among younger consumers regarding their vulnerability, while also revealing significant gaps in support and communication between consumers and customer service representatives. The report calls for CX leaders to adapt their strategies to better engage with vulnerable consumers, leveraging technology to provide tailored support and improve digital services. It underscores the necessity for organizations to address these challenges to foster a more inclusive customer experience.