Storebrands: 84.51°: Shoppers of All Incomes Continue to Cut Back on Spending
84.51°'s November Consumer Digest shows that consumers of all incomes are looking to save in similar ways on holiday meals.
With holiday gatherings around the corner, a growing number of shoppers are concerned with finances and are more willing to switch to lower cost brands, according to 84.51°’s November Consumer Digest report.
The report from Kroger’s retail data and insights company details how consumers are feeling financially heading into the holiday season, and how they plan to spend. According to 84.51°’s research, 69% of shoppers cited concern about inflation, and 28% of consumers felt uncomfortable about their finances, a number that has steadily grown since February of this year.
To save money, shoppers both below and above the $100k household income threshold are switching to lower cost products, including from private label brands. Of those making less than $100k per year, the top categories that shoppers were willing to “trade down” in were personal care (44%), beauty care (44%), cereal (43%) and health care (36%). For those making more than $100k, the top categories were the same, but the percentage of those willing to trade down was smaller.