Adjusting for inflation
A look at how economic challenges are impacting retail
How we shop is changing…again
Rising prices caused by inflation and concerns about a recession are causing consumers to rethink their shopping habits. In our latest retail benchmarks report, we analyzed data from Quantum Metric customers and survey responses from 4,000 consumers in the U.S. and UK to uncover:
- How tighter budgets are driving new purchasing behaviors
- The effect we are already seeing this have on back-to-school shopping
- How we can expect things to change for the upcoming holiday season.
Excerpt from the report:
Generic store-brands are the new go-to.
As costs climb, named brands can start to lose their shine—especially if consumers feel they can be easily replaced by a more generic item. This is especially the case in the UK, where two in three Brits will opt for generic or store-brand clothing items (67%), as well as health and wellness items (69%) to cut costs. Over half in the U.S. and UK (55%) would even go generic for home goods such as furniture, sheets, decor, or even appliances.
Survey responses: To cut costs, which of the following item types would you consider purchasing generic over named-brands?
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