According to the latest EY Future Consumer Index, consumer confidence is diminishing once again. The survey revealed that just over half of consumers (52%) indicated that rising costs of goods and services is impacting their ability to purchase goods and is affecting their purchasing decisions. Rising costs are driving these consumers to rein in their consumption, trade down to cheaper alternatives and purchase fewer non-essentials.

Here some of the survey’s other key findings.

• Experiences driving spending over “things.” Consumers are looking for experiences more than ever before, especially as they look to make up for lost time and for escapism from the pressures of a post-pandemic world.
• Consumers guided by sustainability and values. Consumers are choosing to make more sustainable purchases. Purchase behavior is being driven by environmental impact (56%), social impact (52%) and how well a brand’s values align with their own (42%).

Read the full report here. (EY, 03.29.22)

If you have questions on what these results mean for you, contact us today at info@h2rmarketresearch.com or schedule a free consultation today.

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