AMC Global and OpinionRoute recently completed the second phase of inflation impact research, delving into consumer behavior amidst the ongoing inflationary climate in the marketplace. This ongoing study aims to shed light on how inflation continues to shape shopping habits, concerns and attitudes. This wave further expanded upon the data gathered in January 2023 regarding the impacts of inflation. The trend data was released in two parts:
“CPG Price Increases, Shopper Perceptions & Behaviors”
“Cost Increases and Consumer Concerns”
You can also view the first wave of the study from earlier this year for comparison here: “Impact of Price Increases on Consumer Behavior.”
The latest findings reveal a noteworthy decline in the perceived price increases across various consumer packaged goods (CPG) categories, compared to the January wave of the study. As observed in the previous study, consumers are persistently scaling back their purchases and opting for generic over-the-counter (OTC) medications as a cost-saving measure in response to escalating prices. While this recent study wave highlights the reduction in consumer awareness of price hikes across different categories, perceptions of increases in CPG costs remain high. Additionally, the study identifies that most consumers are merely buying less frequently, while other behaviors stemming from price increases continue to mirror patterns observed in the earlier stages of the research. For details, go here: https://news.amcglobal.com/price-increases-continue-to-impact-consumer-behavior
This latest release underscores the elevated monetary anxieties prevalent among Americans and explores consumer perspectives on financial matters amid the ongoing inflationary pressures, along with their attributions for rising costs. Additionally, a noteworthy observation is the gender disparity, with a higher proportion of women expressing concerns about the economy compared to men. Consumers persist in acknowledging the surge in prices for consumer packaged goods (CPG) compared to the previous year, primarily attributing these increases to manufacturers and factors related to ingredient costs and availability. For details, go here: https://news.amcglobal.com/consumer-attitudes-about-continued-inflation
What does this mean for brands, retailers and manufacturers trying to stay up with consumer attitudes and shopping habits? To effectively serve today’s price-conscious consumers amidst inflation, retailers should incorporate market research strategies that help dig into what’s going on with shoppers. Adapting to the shifting needs of target audiences is essential, and it hinges on comprehending the evolving landscape of consumer behavior. To learn more, reach out to us!
