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Six in 60

BE AFRAID, BE VERY AFRAID, THE BIG I IS BACK – Inflation is picking consumer’s pockets. And changing the way they shop.

The Big I is changing the way people shop

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:

  1. Brand disloyalty – The NFU’s Food Business Unit says consumer loyalty is decreasing “as consumers shop around for the best deals”.

  2. Less lux – 82% of UK consumers are now cutting back on non-essentials, according to research from Braze.

  3. Owning own label – According to The Grocer, Asda’s new Just Essentials own-label range is for customers “worried about the cost of living.”

  4. Picky about product – IRI research shows shoppers lowering discretionary spend in areas like personal care.

  5. Shop hopping – In the USA, Explorer Research data shows 65% of consumers changing their behaviour. Including 28% shopping at completely different stores.

  6. 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

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