Consumers are focusing on spending on essential purchases, new survey finds
February 27, 2023
Inflation remains stubbornly high and that’s affecting consumers’ spending habits over the last year. A new study conducted by Gravy Analytics is highlighting the anticipated spending trends over the course of the next 12 months.
In comparing consumer shopping trends from the fourth quarter of 2021 with the results from the fourth quarter of 2022, it’s clear that consumers are prioritizing essential purchases as of late. This also means that expenses that aren’t necessities are likely to fall by the wayside.
“Insights from our report show that consumers are making careful decisions about their spending and are looking for value much more now than they were a year ago,” said Jeff White, founder and CEO of Gravy Analytics. “As widespread layoffs and economic uncertainty rage on, expect consumers to look for ways to save money on clothing, housewares, and other living essentials so long as job security and inflation remain concerns.”
Eating in versus eating out
One of the trends that emerged from the survey was where consumers are spending their money – especially as it relates to food. Spending on restaurants decreased, while spending at grocery stores and discount stores increased.