The celebrated American economist Thomas Sowell describes inflation as “the most universal tax of all.” It makes everyone poorer. And the Big I is changing the way people shop:
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Brand disloyalty – The NFU’s Food Business Unit says consumer loyalty is decreasing “as consumers shop around for the best deals”.
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Less lux – 82% of UK consumers are now cutting back on non-essentials, according to research from Braze.
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Owning own label – According to The Grocer, Asda’s new Just Essentials own-label range is for customers “worried about the cost of living.”
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Picky about product – IRI research shows shoppers lowering discretionary spend in areas like personal care.
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Shop hopping – In the USA, Explorer Research data shows 65% of consumers changing their behaviour. Including 28% shopping at completely different stores.
- Promoting promos – Forbes quotes Numerator research showing “50% of consumers planned to seek out additional discounts and promotions.”
Extract from Human Capital – Drayton’s business magazine