Consumer Behavior

Consumers pulling back on spend thanks to rising costs

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November 9, 2022

More than half, 63%, of consumers plan to pull back spending in reaction to inflation and rising costs, and inflation has significantly impacted 41% of shopping and buying behavior.

Those are top findings from a 1WorldSync 2022 Consumer Product Benchmark Report that polled 1,650 shoppers in the U.S. and the U.K.

Consumers are also vetting products more than ever, with 52% researching at least four products and 89% visiting multiple online sites before a purchase.

Seven in 10 shoppers often decide not to buy due to poor quality product content or a lack of product content.

"Relevant, impactful product content is essential everywhere commerce happens," Steve Sivitter, CEO of 1WorldSync, said in a press release on the findings. "While consumers might be tightening their wallets, they're spending more time researching and reviewing product content. Our survey results show that brands and retailers committed to consistently surfacing quality product information position themselves well moving into 2023 and beyond."