• by Ray Schultz , September 12, 2022

People remain worried about prices, and many are being careful about their spending, according to Consumer Changes In The Face of Rising Inflation, a study by Future Publishing.

Of the consumers polled, 87% say they are concerned, 59.5% are very concerned. And this has caused them to:

• Make significant changes to spending habits — 41% 
• Make slight changes to spending — 40%
• Make no change — 14% 

Most are cutting back on non-essential retail goods. But 58% of those who are spending less overall expect to return to normal when inflation eases. 

And while 73% have savings left over from the pandemic, those consumers:

• Are confident they can survive rising inflation given their pandemic savings — 69% 
• Are concerned they will have to use their savings to purchase essential goods/services — 62% 
• Consider it likely they will use their savings to buy non-essential retail goods — 48%

Plan to use their savings to maintain their current lifestyle rather than reduce their spending — 43% 

Still, holiday sentiment is strong, and most consumers will be shopping for gifts, although many are waiting until Black Friday

• I’m excited — the holidays are something to look forward to — 78%
• Black Friday and Cyber Monday deals will be even more important than normal this year to help me make my budget go as far as possible — 74% 
• Whatever is going on, I look forward to the holidays, this year is no different — 73% 

But many expect something back from brands. Those shoppers:

• Would like to see brands actively giving something back by supporting those that are most in need of help through charitable donations or supporting causes — 39% 
• Expect brands to meet customers halfway by reducing product prices to encourage sales — 38% 
• Believe loyalty should be rewarded now more than ever and want to see increased benefits and added value for loyal consumers — 35% 

Consumers foresee using a variety of shopping venues this season, with online taking the lead:

• Online marketplaces — 55%
• Major retailers (in person) — 51%
• Major retailers (online) — 46% 
• Shopping malls (in person) — 30%
• Brand websites directly — 27% 
• Local independent stores — 26%
• Department stores (in person) — 26%
• Strip malls and outlet stores (in person) — 25% 
• Department stores (online) — 25%

The top 10 gift categories are:

• Gift cards — 46% 
• Clothing/footwear — 41%
• Tech/gadgets — 40%
• Jewelry — 40%
• Computer games/console games — 37% 
• Children’s toys — 36% 
• Books — 35% 
• Food & drink products — 34%
• Watches — 30% 
• Arts & crafts products — 28% 

Future Publishing, a digital publisher with more than 200 specialty titles, surveyed 2,676 consumers via its research platform The Lens.