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1、Impact of Inflation on Consumer LifestylesW H IT E PA PE RIntroductionWhat We FoundChanges in Consumer Product Purchase Behavior FunnelLikely Future PurchaseConversion FunnelMaintaining New Purchase Habits Post-InflationReactions to Inflation and Desired Retailer ResponsesPerceived Drivers of Inflat

2、ionResponse to Inflation Price IncreasesLifestyle Changes Due to InflationImpact of Inflation on Consumer HabitsChanges in Financial Services Used Due to InflationWill Inflation Continue to Linger?How Brands Can Navigate InflationWhat Fuel Cycle Can Do to Help030405050608090910111112131415Table of c

3、ontentsImpact of Inflation on Consumer Lifestyles3Inflation is a major economic issue that affects every person in one way or another.As prices for essential goods and services continue to rise,many consumers find it harder and harder to make ends meet.It can erode the standard of living,distort con

4、sumers choices,and affect the very foundation of the US economy.The Federal Reserve strives to maintain prices stable,but sometimes factors beyond their control can lead to inflation.This puts pressure on businesses,which in turn may raise prices on the goods and services they provide.The inflation

5、rate,at 8.5%,is nearly as high as it was in the early 1980s,according to the Bureau of Labor Statistics.While many factors contribute to inflation,this whitepaper will explore how it impacts consumers lifestyles across different socio-economic backgrounds and what market researchers and brands can d

6、o to brace for impact.IntroductionInflations impact is widely seen across most consumer goods and services,with 1-in-2 consumers feeling less financially stable.Impact of Inflation on Consumer Lifestyles4In rapidly changing and volatile markets,consumer preferences often shift,making historical data

7、 and past research less relevant.To understand what consumers want now,brands must perform market research regularly.When prices rise quickly during periods of high inflation,consumers become more price-sensitive,and their reference points change.We wanted to dig deeper,so an online survey was sent

8、to a general population sample and fielded from September 1 through September 27,2022.1,132 respondents completed the survey,and here is what we discovered:Respondents making more than$100k a year are significantly less likely to feel less stable compared to other income groups.They were also consid

9、erably more likely to blame the stock market for any financial instability.Gas is the most affected by inflation,with 1-in-10 respondents saying theyve stopped buying it completely.While purchase habits have not shifted drastically,respondents do report lifestyle changes.2-in-3 respondents are cooki

10、ng at home more and going to restaurants less,while 2-in-5 are traveling by car less.Usage of financial services is up;1-in-3 respondents use gas station loyalty programs,retailer-sponsored loyalty programs,and credit cards more.Maintaining price and decreasing quantity is the preferred approach whe

11、n adjusting products due to inflation.Most respondents also want retailers to acknowledge when they must increase prices due to inflation.1.2.3.4.5.What We FoundImpact of Inflation on Consumer Lifestyles5Likely Future Purchase1-in-2 respondents said they have become less financially stable,with most

12、 identifying inflation as the main culprit and large,unexpected expenses being the next reason.Changes in Consumer Product Purchase Behavior FunnelUnsurprisingly,respondents with a$50k or less annual income were more likely to feel financially unstable,while those making more than$100k felt the most

13、 stable.While all income groups identified inflation as the top reason for instability,the$100k+group also cited stock market volatility as a reason for financial instability.InflationLarge,unexpected expensesNo/insufficient wage increasesJob lossReduction/loss of govt benefitsStock market volatilit

14、yIncrease in rentLost income unrelated to job lossLoss of carNew caretaking responsibilitiesIncrease in mortgage interest rateOther76%34%29%22%19%18%18%16%11%7%6%3%Reasons for Less Financial StabilityTop 3 Reasons for Less Financial StabilityInflationLarge,unexpected expensesJob loss71%33%29%Inflati

15、onLarge,unexpected expensesNo/insufficient wage increases82%33%29%$50,000 or Less(A)$50,000-$75,000(B)InflationNo/insufficient wage increasesLarge,unexpected expenses82%33%29%InflationVolatility of stock marketLarge,unexpected expenses81%53%35%$75,001-$100,000(C)*More than$100,000(D)*Impact of Infla

16、tion on Consumer Lifestyles6Conversion FunnelRegardless of income,roughly half of all respondents noticed inflations impact,with only 1-in-5 changing purchasing habits in response;many have continued making purchases despite inflation.Most consumers noticed the influence of inflation on gas and fres

17、h foods,with 1-in-4 decreasing their budget to adjust.Less than 1-in-10 completely stopped purchasing either category.Top 10 CPG Categories Impacted by Inflation37%39%31%29%31%13%22%17%21%10%Gas prices(I)Fresh foods(H)Dry/frozen packaged foods(F)Cleaning supplies(D)Personal care products(O)Housing c

18、osts(L)Health(J)Non-alcoholic beverages(M)Apparel(B)Car expenses(C)BCDFJLMOBCDFJLMOBCJLMBCJLMBCJLMCCLMCLCLM70%61%62%61%61%49%64%64%88%67%DFHJLMOLLLLLLCDFHIJLMDFHLO26%24%19%18%19%6%14%11%18%7%BCDFJLMOBCDFJLMOCJLMCJLMCJLMCLMCLCJLM34%24%23%21%24%46%31%18%37%45%DFHMOMMMMBDFHIJMODFHMODFHJMOBDFHIJMOCPG Ca

19、tegoryChangeHabitsConversionDecreasedBudget9%6%4%4%5%3%4%2%7%3%CDFHJLMOCDLMMMCLMMCDFJLMONo LongerPurchasingConversion84%78%65%60%60%54%51%47%46%43%Gas prices(I)Fresh foods(H)Dry/frozen packaged foods(F)Cleaning supplies(D)Personal care products(O)Housing costs(L)Health(J)Non-alcoholic beverages(M)Ap

20、parel(B)Car expenses(C)BCDFHJLMBCDFJLMOBCDJLMOBCJLMBCMBCM89%95%94%94%93%67%87%89%85%52%BCLBCIJLMOBCIJLMBCIJLMBCIJLMCCLBCLCL75%74%61%56%56%36%44%42%39%22%BCDFJLMOBCDFJLMOBCDJLMOBCJLMBCJLMCBCLCL49%53%51%52%55%36%50%41%53%43%CLMCLMCLMCLMCFIJLMCLMLCLMLCPG CategoryInflationNoticedPurchased P12MConversion

21、ConversionImpact of Inflation on Consumer Lifestyles7Those with incomes above$75k saw inflation affecting the same categories as those making less.However,respondents with incomes above$100k saw more inflation with travel expenses than other income groups.Those with incomes of$75k or less noticed in

22、flations impact on the same CPG categories.Those making$50k or less were more likely to decrease their fresh foods budget and totally stop purchasing gas.84%78%65%60%60%Gas prices(I)Fresh foods(H)Dry/frozen packaged foods(F)Personal care products(O)Cleaning supplies(D)HFODFOD86%96%93%94%94%IFIII73%7

23、5%60%56%56%I52%56%52%58%55%FDOOD$50,000 or lessInflationNoticedConversionPurchasedP12MConversion38%42%32%33%31%FDFODChangeHabits73%67%69%69%69%FDFODConversion27%28%22%23%21%HDecreasedBudget38%25%23%21%19%FDFODConversion10%7%5%5%4%HNo LongerPurchasing85%80%65%64%62%Gas prices(I)Fresh foods(H)Dry/froz

24、en packaged foods(F)Cleaning supplies(D)Personal care products(O)DFODFO92%97%97%99%98%IIII78%78%63%63%60%I47%46%46%48%46%DFODFO$50,001-$75,000InflationNoticedConversionPurchasedP12MConversion36%36%29%30%28%OChangeHabits73%56%65%55%55%DFHODHOConversion27%20%19%16%15%DFODecreasedBudget27%16%19%14%15%D

25、HOConversion7%3%4%2%2%DONo LongerPurchasing85%80%65%65%60%Gas prices(I)Fresh foods(H)Dry/frozen packaged foods(F)Personal care products(O)Cleaning supplies(D)DFODFO91%92%86%92%93%77%73%56%60%56%DFHI44%54%55%51%67%DFODFO$75,000-$100,000InflationNoticedConversionPurchasedP12MConversion34%40%31%31%37%C

26、hangeHabits68%56%47%51%56%DFHOConversion23%22%14%16%21%DecreasedBudget19%26%30%27%31%IIConversion4%6%4%4%6%No LongerPurchasing84%74%62%58%58%Gas prices(I)Fresh foods(H)Dry/frozen packaged foods(F)Cleaning supplies(D)Personal care products(O)FHOSFOS91%93%94%84.76%73%SOSOSS76%69%58%49%42%48%48%50%47%4

27、5%FOSFOSSMore than$100,000InflationNoticedConversionPurchasedP12MConversion36%33%29%23%19%OSOSSChangeHabits61%52%45%45%86%FOFHIOConversion22%17%13%10%16%FODecreasedBudget43%23%29%47%37%FHFHSHConversion9%4%4%5%6%FHNo LongerPurchasingImpact of Inflation on Consumer Lifestyles8Maintaining New Purchase

28、Habits Post-InflationEven if inflation decreases,many respondents intend to continue their new purchase habits,such as using coupons,changing brands,or sharing costs with others.Across all income groups,most respondents intend to preserve their changed purchase habits for consumer goods and services

29、,even if inflation decreases.Cleaning suppliesStreaming servicesNon-alcoholic beveragesHousing costsPersonal care productsDry/frozen packaged foodsToys and baby productsCosmetics/make-upPaper and office suppliesTravel expensesApparelAlcoholic beveragesPet products13%15%16%11%15%15%13%16%10%13%15%12%

30、18%18%17%17%22%20%21%24%21%27%24%22%25%19%69%68%67%67%65%64%63%63%63%63%63%63%63%Top Categories Consumers Will Keep Changed Purchase Habits for If Inflation DecreasesNoNot SureYesCosmetics/make-upHousing costsCleaning suppliesCar expensesNon-alcoholic beverages$50,000 or Less18%13%16%14%18%12%18%15%

31、14%18%70%69%69%69%68%Personal care productsTravel expensesGas pricesFresh foodApparelTop 5 Purchase Habits Consumers Will Keep If Inflation Decreases7%9%16%16%7%10%18%16%16%32%83%73%68%68%61%$75,001-$100,000Cleaning suppliesFrozen packaged foodsFresh foodGas pricesPersonal care products11%7%13%10%12

32、%19%24%27%32%38%70%69%60%58%50%$50,001-$75,000ApparelElectronicsFresh foodGas pricesTravel expenses9%16%16%20%20%25%20%26%28%30%66%64%58%52%50%More than$100,000NoNot SureYesImpact of Inflation on Consumer Lifestyles9Perceived Drivers of InflationMost respondents believe that higher shipping costs,CO

33、VID-19,and even government inaction or action are major contributors driving inflation.However,others also cited CEOs gouging the price for their benefit,gas prices,and supply chain issues for manufacturing companies as a cause for inflation as well.Reactions to Inflation and Desired Retailer Respon

34、sesCOVID-19Government actionGovernment inactionHigher shipping costsUnemploymentForeign conflictDemand for higher wagesCorporate policiesImmigrationWorkers quitting 7%8%8%5%13%10%10%10%23%14%12%26%26%29%14%28%23%27%10%31%24%27%10%29%30%26%17%28%23%19%14%33%24%19%18%32%22%18%16%36%21%17%23%24%14%16%2

35、1%33%19%13%Zero impactSmall impactModerate impactLarge impactHuge impactTop 5 Perceived Drivers of InflationIncreased shipping costsCOVID-19Government inactionGovernment actionUnemployment58%57%53%49%44%Increased shipping costsCOVID-19Government inactionGovernment actionForeign conflict53%49%49%48%4

36、1%$50,000 or Less$50,000-$75,000COVID-19Increased shipping costsGovernment actionGovernment inactionUnemployment57%55%54%53%44%COVID-19Increased shipping costsGovernment actionGovernment inactionForeign conflict55%54%51%49%45%$75,001-$100,000More than$100,000Impact of Inflation on Consumer Lifestyle

37、s10Response to Inflation Price IncreasesSince most consumers of all income levels appreciate retailers transparency in informing them of inflation price increases,2-in-5 respondents were willing to settle for a smaller product if the price remained the same in light of inflation.$50,000 or less(A)$5

38、0,001-$75,000(B)$75,001-$100,000(C)More than$100,000(D)40%43%41%41%28%20%21%16%32%37%38%43%Preferred Approach to Product-Specific Price IncreasesSame price,smaller productSame price,lowe-quality productHigher price,same product$50,000 or less(A)$50,001-$75,000(B)$75,001-$100,000(C)More than$100,000(

39、D)40%43%41%41%32%37%38%43%Preferred Approach to Retailer-Wide Price IncreasesEasily accessible announcement that prices have increasedJust increase pricesImpact of Inflation on Consumer Lifestyles11Impact of Inflation on Consumer Habits3 respondents started to cook more meals at home and go to resta

40、urants less.Also,1-in-3 respondents increased their financial planning and money saving,while another 1-in-3 reported saving less.As a result of increased gas prices,2-in-5 respondents drive less.These trends carry through across all income levels.However,more affluent homes see a lower overall chan

41、ge in consumer habits.Lifestyle Changes Due to InflationImpact of Inflation on Top 10 Most Common Consumer HabitsCooking at homeShopping in-storeGoing to restaurantsGoing to medical apptsTraveling by carSaving moneyShopping onlineWorking out/exercisePaying for streaming servicesFinancial planning3%3

42、1%65%1%35%49%15%1%64%26%7%3%23%62%12%3%38%44%14%4%31%32%33%4%26%36%34%4%12%51%26%11%27%49%13%11%12%40%34%14%1%17%41%8%15%11%14%3%15%4%59%10%5%7%7%30%28%20%8%26%Continue to doless post-inflationI do this less nowNo changeI do this more nowI never did thisContinue to do more post-inflationImpact of In

43、flation on Top 5 Most Common Consumer HabitsCooking at homeSaving moneyShopping-onlineFinancial planningTravel by bike/walking$50,000 or Less4%31%64%35%31%29%30%34%30%12%38%31%7%38%27%2%3%16%13%1%61%24%26%27%18%Cooking at homeSaving moneyShopping onlineFinancial planningWorking out/exercise$75,001-$

44、100,0005%22%72%32%24%41%26%34%37%14%39%40%13%48%30%2%11%5%11%2%62%37%25%33%22%Cooking at homeSaving moneyShopping onlineFinancial planningWorking out/exerciseMore than$100,0001%38%60%22%36%41%20%40%38%9%47%41%10%51%34%1%6%6%14%3%48%33%34%27%23%Cooking at homeShopping onlineSaving moneyWorking out/ex

45、erciseFinancial planning$50,001-$75,0001%30%67%20%38%39%29%36%31%12%49%27%13%40%33%0%8%5%8%3%60%32%25%29%20%Do less nowNo changeDo more nowDo less post-inflationDo more post-inflationImpact of Inflation on Consumer Lifestyles12Changes in Financial Services Used Due to InflationAs an effect of inflat

46、ion,1-in-3 respondents report using gas station loyalty programs,credit card cashback rewards,or retailer loyalty programs more frequently.Unlike higher income groups,respondents with incomes of$50k or less are significantly less likely to increase their use of credit card cashback rewards,retailer

47、loyalty programs,or retailer credit cards.Gas station loyalty programsCredit card cashback rewardsRetailer loyalty programsBuy Now Pay LaterRetailer credit cardsLawayay 8%27%37%28%7%35%33%25%8%34%32%26%6%20%22%52%15%32%16%37%7%25%11%57%Use lessNo changeUse moreNever use thisFinancial Services Used M

48、ore$50,000 or less$50,001-$75,000$75,001-$100,000More than$100,000Financial Services Used LessCredit cardcashback rewardsRetailer loyalty programsRetailer creditcardsLayawayBuy nowPay LaterGas stationloyalty programs25%34%44%42%28%36%37%38%12%20%19%20%10%10%14%12%21%20%27%23%35%39%42%36%Credit cardc

49、ashback rewardsRetailer loyalty programsRetailer creditcardsLayawayBuy nowPay LaterGas stationloyalty programs8%6%10%4%9%5%6%7%14%13%18%16%7%6%7%7%6%4%9%6%6%8%10%11%Impact of Inflation on Consumer Lifestyles13There is no simple answer to the question of whether inflation will still linger.Some econo

50、mists believe that it may,while others contend that it is likely to dissipate in the near future.The determining factor to which scenario plays out is the actions of the Federal Reserve.If it maintains a tight monetary policy,inflation is likely to stay elevated.But inflation will not continue at th

51、is pace forever.According to investment research firm,Morningstar,the highest rate of inflation will peak in 2022 at 5.2%before gradually decreasing.It is believed that the average inflation rate will be around 1.5%be-tween 2023 and 2025.Therefore,this year is predicted to have the worst inflation r

52、ates,but by 2023 prices are estimated to decrease again.Will Inflation Continue to Linger?Brand preferences can shift due to ever-changing consumer sentiment along with economic and psychological changes induced by inflation.Also,the importance of attributes,particularly price and emotional benefits

53、,may change when consumers purchasing power decreases as an effect of inflation.Here are a few ways brands can navigate inflation:Pricing strategies are crucialIn order to remain profitable,brands need to be able to either increase prices without losing customers or find ways to reduce costs without

54、 compromising quality.If inflation and consumer sensitivity are considered when creating pricing strategies and marketing plans,you can avoid losing your best customers.By considering both margin performance and consumers willingness to pay,you can tailor your inflationary price response by customer

55、 and product segment instead of implementing broad price increases that may erode customer trust.The goal is to find the perfect balance between the two.Stay ahead by gathering competitor intelligenceGathering competitor intelligence allows more agility so that you can make informed decisions in you

56、r pricing strategies to protect your profit margins while navigating inflation.It also provides an early warning signal of potential changes in the market.A consumers value perception of a brand is not only based on comparison to similar stores.Inflation can cause businesses to lose money in two way

57、s:through economic changes and psychological changes.The order of importance for things like price and emotional benefits may change when high inflation makes it harder for consumers to buy products.Market research can help businesses decide,for instance,what benefits to re-emphasize and which claim

58、s have become stronger.Assess advertising effectivenessIf executed properly,advertising can make customers more loyal to your brand and less price-sensitive.However,you should always test ads before releasing them to the public.Otherwise,you would risk running a campaign that falls flat oreven worse

59、creates a negative sentiment.No matter the state of the economy,its critical to always have a detailed view of what is to come.And that starts with understanding your customer base and what will make them purchase from you.Market research provides this data-driven insight so you can confidently move

60、 forward with strategic decisions.How Brands Can Navigate Inflation$Impact of Inflation on Consumer Lifestyles15Fuel Cycles Community helps businesses expand their research community,as community-led growth is essential for acquisition,expansion,and retention.Community also removes difficulties and

61、bottlenecks due to its world-class UI and completely DIY approach.It has become the#1 tool for brands to put the customer at the center of every business strategy.Since social trends and personal preferences change over time,giving product,marketing,and customer insights teams access to online forum

62、s,discussion groups,and influencer circles where they can all maintain a live pulse on peoples evolving attitudes about the product,brand,or customer experience is crucial for your strategies to remain effective and relevant.With a fully loaded research community,successful brands can maintain conti

63、nuous connections with their prospects,customers,and product users.Community is the ultimate customer panel platform for brands to identify and track market attitudes,behaviors,and preferences in real-time,where traditional research methods cannot keep up.You can enable your teams to do more by continuously engaging with customers and delivering actionable intelligence.Contact us to learn more about Fuel Cycles suite of solutions that will take your brand to the next level.Contact Our ExpertsWhat Fuel Cycle Can Do to Help