According to KPMG, inflation drives customers towards substitute products

By: Trademagazin Date: 2022. 09. 29. 12:05

The majority of people are worried and are changing their shopping habits because of high inflation. According to the KPMG Consumer Pulse Summer Survey, six out of ten consumers plan to put fewer items in their online basket or shopping cart, shop “downhill”, i.e. pay more attention to sales, choose cheaper products, or switch to a discount store.

A válaszadók 51 százaléka fél attól, hogy az alapvető háztartási cikkek is megfizethetetlenekké válnak

Traders and manufacturers must also adapt to the new situation – this can be helped, for example, by data analysis supporting revenue growth, by own-brand and other value-for-money products, by automation and rethinking workforce management.

According to KPMG’s “Consumer Pulse Survey” survey of 1,000 Americans conducted in the summer of 2022, consumers have started to change their habits as a result of price increases: they spend their money elsewhere and in different ways, and the reason for this is primarily that they find inflation and the rising cost of living worrying , but at the same time they fear a possible recession.

87 percent of those surveyed are worried about inflation, and 72 percent expect an economic downturn in the next year. Half of the buyers (55 percent) think that further price increases are inevitable – and every second respondent thinks that their own household’s budget can no longer bear additional burdens. 51 percent of respondents fear that even basic household goods will become unaffordable.

KPMG Consumer Pulse Summer Survey