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Consumer Behavior

Inflation impacting consumer spend, shopping habits

Inflation impacting consumer spend, shopping habitsPhoto by

Due to inflation and rocky economics, U.S. consumer shopping and spending habits are changing, according to a consumer behavior report from Astound Commerce that polled 1,000 shoppers.

Key findings include:

  • Nearly three in four global consumers (and 75% of Millennials) feel the economy is headed in the wrong direction. Most are no longer confident they can afford their monthly expenses. To combat rising prices, consumers have altered spending habits, shopping less frequently than in previous years — 55% shop online at least weekly, down from 61% in 2021.
  • Similarly, about two in five consumers will spend about the same in 2022 for holiday gifts as they did in 2021 while one-third will spend less. They plan to do a mix of online and in-store shopping. As for shopping in physical stores, few consumers have safety concerns, contrary to the last two years.
  • Consumers will be price conscious and buy items on sale, use coupons or discounts, comparison shop and will start their holiday gift shopping between two and six months ahead, likely due to ongoing supply chain issues and limited stock.
  • COVID-19's lasting impact on consumer behavior is clear: consumers prefer omnichannel shopping. Approximately one-third of global shoppers adopted buy online, pickup in-store and curbside pickup during the height of the pandemic and continue to use these shopping methods.

"With consumers feeling the pinch from rising fuel prices, a declining stock market and an unsettled economic outlook, getting the holiday season right is even more important. Retailers and brands need to look for opportunities to reduce friction in the shopping experience, use data (responsibly) to personalize the experience and look for opportunities to build loyalty — with fewer shoppers spending less, holding on to the ones you have is critical," Vanessa Cartwright, CEO North America, Astound Commerce, said in a release on the findings.


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