Most adults won’t buy a product if it’s dynamically priced

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Key stat: This year, less than 20% of US adults across all age demographics will purchase a product as planned if they are met with dynamic pricing of products in-store or online, per CivicScience.

Beyond the chart:

• Dynamic pricing is when the price of a product rises when demand is high and drops when demand is low.
• Over one-third (37%) of US adults strongly agree that dynamic pricing of retail products is price-gouging, per CivicScience.
• Despite the fact that inflation is cooling, consumers remain price sensitive and most likely will stay that way through the rest of the year.

Use this chart:

• Understand consumer behavior when it comes to dynamic pricing.
• Identify which demographics are most deterred by dynamic pricing.
• Determine pricing strategies for retail products.

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• 3 ways retailers like Walmart, Target, and Costco use private label to keep costs down, build brand loyalty
• How retailers like Sephora, Nike, and Amazon bridge the digital-physical gap
• Back-to-school lessons from Walmart, Target, and Amazon

More Chart of the Day:

• 7/31 - Streaming showdown
• 7/28 - Price is key for D2C
• 7/27 - Ad channel choices
• 7/26 - CTV’s $15B boost
• 7/25 - Retail top 10

Methodology: Data is from a July 2023 CivicScience survey. 3,019 responses from US adults age 18+ were obtained during July 14-17, 2023. Data was weighted according to the US Census.