• by Laurie Sullivan , Staff Writer @lauriesullivan, January 6, 2023

Amidst economic uncertainty, U.S. adults are making changes to their spending habits. Here are some of the ways the economy will alter consumer behavior in 2023.

One of the most-discussed changes — purchasing more low-cost store brands — topped Big Village Insights’ survey list in 2022. Forty-seven percent of consumers participating in the survey said they bought lower-cost brands last year as a direct result of increased cost of living brought on by inflation.

Big Village surveyed 1,004 adults 18 years of age and older online between December 9 and December 11, 2022.

This year spending habits also will change, but perhaps not as drastically as in 2022. This year, 44% of consumers plan to purchase more low-cost brand items.

Some 40% of U.S. adults plan to dine out or order less takeout food this year, while about 31% will postpone the purchase of discretionary items.

Cutting any streaming TV or cable services in 2023 seems to be top of mind. Some 35% say they will consider cutting streaming services or cable to combat rising prices on items across the board. About 22% will look to cut any streaming service such as Netflix, Disney+, and Hulu.

Searching for discounts and ways to save money, such as repurposing and recycling, will become a stronger trend. Some 77% plan to do more comparison-shopping research. For example, using search engines to compare products before making a purchase to find the best deals.

Forty percent  of those surveyed said they will settle for purchasing brands with better value rather than the brands they prefer. Some 35% will shop at more mass-merchant and value-added stores rather than boutique retailers, and 30% will shop more online rather than traveling to stores to save on gasoline.

The survey results also found that 30% plan to travel less as a result of rising costs of living increases, whereas 58% expect current economic conditions to impact 2023 vacation plans at all, and 16% said the current economic state will not impact travel plans at all.

For those who say that economic conditions will impact vacation plans, 36% plan to stay at home, 31% will wait longer to see if the economy will change before making plans, and 28% will take a shorter trip.