Consumer Sentiment down 50%

Recession shifting Purchasing Behavior

Consumer Sentiment is down 50% since 2018. This has significantly impacted change in shopping behavior.

Across all categories, 18% of consumers are switching to Cheaper Alternatives.

34% of those who switch are no longer preferring Higher-Priced Products.

75% of those also don’t see value in a Premium Brand, even if they prefer it.

What does this mean to Brands/Retailers? Customers need to understand value before purchasing non-essential and higher-priced items.

Source: https://mck.co/3DBMEnV

Photo by Kenny Eliason on Unsplash