Consumers react to the inflation by spending less

In April 2022 US market research company First Insight did a 1,000-participant survey on how the biggest inflation rate of the last 40 years, 8.5%, has influenced consumer confidence and spending. 96% said they noticed the price increase, which was the most painful in the category of motor fuels (72%), food (69%) and restaurant eating (57%). Consumers reacted to this by actively searching for cheaper buying opportunities (82%). Sales and price reductions are very popular (42%) and some people must cut back on their spending (28%). 88% of consumers believe that the inflation period will be longer than 6-24 months. 87% of respondents want to spend less on FMCG products, and 41% plan to buy less from the well-known brands. //