A new report has discovered that a significant number of consumers are turning to less expensive brands in response to rising costs.
Majority of Consumers Turn to Less Expensive Brands to Combat Inflation Costs
Jungle Scout’s Q2 2022 Consumer Trends Report showed that 59% of consumers are not simply holding back from spending during the current inflation, but instead they are finding cheaper alternatives to the products they want. The report also notes that while inflation continues to impact consumer spending, the likes of social media, pricing and brand loyalty remain key factors in consumer behavior.
