Consumers are reducing their spending, looking for savings and value in Q1 2022

JungleScout has released its quarterly study of 1,000 U.S consumers where they look at the impact of current events on retail, eCommerce, and loyalty. Their key findings:

  • Consumers are reducing spending, with an eye on inflation and savings goals.
  • Pricing and coupons are driving brand loyalty and online purchasing
  • Home improvement and the homebody economy will continue in 2022, as consumers play to stay in and spend on the home and self-care.

Some of the more detailed findings that stood out to me include:

  • 72% of consumers and 81% of parents say inflation has impacted their spending on consumer goods.
  • 70% of consumers are making fewer “fun” or impulse purchases this year
  • 42% say the reason for spending less is because they need to stick to a budget, and 37% say that they have less money this year than they did before.
  • Almost half of consumers (and 56% of parents) are only buying products when they are on sale.

Download the 29-page report from the JungleScout website.

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About Carousel Insights

Carousel Insights is a marketing/research consulting practice focused entirely on retention marketing for out-of-home, location-based entertainment. All we do is help out-of-home experiences (both entertaining and educational) grow attendance, revenue, and customer lifetime value through insights, CRM/personalization, and revenue management.