According to the U.S. Bureau of Labor Statistics, consumer prices rose by 8.5% in March and 8.3% in April of this year compared to a year ago. As a result, consumers are becoming more mindful of prices and where they spend their money.

While inflation affects overall consumer spending, it can also lead to consumers (even brand loyalists) switching to more cost-effective products or retailers. As inflation continues to play a major role in what consumers purchase, companies need to take action now to understand how their customers are reacting in the current climate.

One way of doing this is to analyze consumer behavior trends by leveraging innovative tools like location intelligence. With location analytics, brands can gain insight into the types of places consumers are choosing to shop, and they can use this insight to better understand the shifts happening in consumer behavior and inform their business strategies accordingly.

So, how has inflation impacted consumer shopping behaviors, and what does that mean for brands moving forward?