While high-income consumers aren’t as affected by inflation, lower- and middle-income consumers will begin shifting their shopping behavior, which could affect the upcoming holiday season, Morning Consult noted in its report. Among the other changes consumers are undertaking are shopping at discount stores (68%), purchasing generic brands (67%), avoiding shipping costs (66%) and postponing minor purchases (65%).
The report also said that while some consumers are concerned about more categories than others, inflation threatens the sales of every product category. Ninety-two percent of U.S. survey respondents said they were somewhat or very worried about inflation of grocery prices, followed by 62% who said the same about apparel and shoes, and 56% about personal electronics.
