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.