Consumers have displayed a willingness to put their money where their values are. In groceries, the area where consumers are least likely to cut back, 24% said they plan to decrease spending, compared with 12% in the prior survey. They’re less likely to travel, for instance, and more likely to switch to a cheaper brand of a particular product or even go without a regularly used one. The most pessimistic group (42%) expects to significantly decrease their spending across all retail categories. And looking ahead, fully 96% of surveyed consumers intend to adopt cost-saving behaviours over the next six months. Half of consumers are extremely or very concerned about their personal financial situation (50%), with one-fifth extremely concerned (22%). For many consumers, especially in the US and Europe, this may be the first experience of sustained increases in price levels. It would be expected to dampen consumers’ spirits, because prices have been rising more rapidly than incomes in many parts of the world. Though inflation in a number of markets is coming off the boil, it remains a powerful factor. In 2022, a source of friction rarely seen in our prior surveys entered the field: inflation. Beyond meeting consumers where they are-physically and psychologically-companies must invest to ensure that they’ll be able to meet them where they will be in the future. They must identify, isolate and mitigate the many frictions that stand between them and their customers, and between their customers and optimal experiences. The survey makes it clear that companies must go beyond responding to consumers’ evolving attitudes, actions and aspirations. And as more of everyday work and leisure life continues to go digital, mobile and virtual, concerns about data security and privacy remain a significant source of friction. They’re continuing to experiment with the next generation of digital platforms, including the metaverse. Consumers are seeking less friction-but that doesn’t necessarily mean opting only for e-commerce, or for physical experiences that are entirely mediated by technology. Yet, even as they take defensive actions, consumers remain resilient, demanding and eager to experiment. The demand and supply shocks brought about by covid continue to ripple through the economy and factor into consumers’ decision-making, habits and attitudes.
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