Here’s How Consumers Have Been Responding to Inflation

December 8, 2022

This article is included in these additional categories:

Customer-Centric | Demographics & Audiences | Men | Spending Trends | Women

Almost 8 in 10 adults ages 30 and older in the US have taken some type of action to offset inflation’s impact, according to research [pdf] from the AARP. The survey, fielded in July, aligns with earlier research indicating that more than 8 in 10 would modify their purchasing habits in the months to come.

The most common response has been to be more disciplined in spending, with half saying they have cut back on “extras.” Close behind, almost half (45%) have had to go beyond that and cut back on basic expenses. In both cases, more women than men report having made these changes.

At a time when subscriptions are under threat, 1 in 3 adults surveyed for this latest report indicate that they have responded to inflation by canceling a subscription, membership, or service.

Other common actions taken by roughly one-quarter include postponing or canceling a vacation, postponing a major purchase, and postponing repairs to a vehicle, home, or appliance.

Marketers are attuned to these concerns: some 78% agree to some extent that they’ve changed their marketing strategy/upcoming campaigns as a result of rising prices and the cost-of-living increases, and many are rethinking the value propositions they communicate.

They may want to focus on how they communicate to women: in the AARP’s survey, more women than men reported being worried about a variety of financial concerns, including prices rising faster than their income (80% vs. 76%), having enough money to be financially secure in retirement (71% vs. 65%), and being able to manage their debt (47% vs. 41%).

Women are also more likely than men to be worried about having enough money to cover a large, unexpected expense (65% vs. 60%) and having enough to cover basic expenses such as food, housing, and transportation (49% vs. 42%).

For more, check out the report here [pdf].

About the Data: The results are based on a July survey of 4,817 adults ages 30 and up.


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