Supermarket News: Financial concerns alter shopper behavior: survey
Consumers are seeking to cut spending and increase savings.
Economic concerns are adding stress to shoppers during the holiday season, and the anxieties are likely to continue into 2023, said 84.51°, a Cincinnati-based retail data science, insights, and media company owned by The Kroger Co.
In its December consumer survey, 84.51° found that 69% of shoppers are still concerned over high prices, with 74% of households making $50,000 or less a year extremely concerned.
In addition, 24% of respondents indicated that they are not optimistic about their personal finances and 41% are not optimistic about the direction of society and the country. In response, 56% of consumers said that they plan to save; 43% intend to set budgets; 36% expect to eliminate debt; and 35% plan to build up an emergency fund.