How Economic Stress and Inflation Are Changing Consumer Behaviors

A Look at US Consumers Amid Rising Costs and Uncertainty

Report by Jingqiu Ren  | Sep 15, 2022
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About This Report
Consumers are feeling increasingly uneasy about the economic future. Despite a strong US job market, inflation and a potential recession remain top of mind for many. How are consumers adapting to this uncertain economic climate?
Topics
Consumer Behavior
United States

Executive Summary

US consumers overcame the initial pandemic lockdowns, hopeful for an economic boom and the end of uncertainties. But the last two years have been full of twists and turns that left many consumers pessimistic about the future. Companies should proactively prepare for consumer behavior changes as they grapple with rising concerns of inflation and recession.

Key Question: What signals are consumers sending about their priorities as they navigate this turbulent economy?

US Adults Who Have Noticed the Impact of Inflation vs. Are Adjusting Their Spending in Response, April 2022 (% of respondents)
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KEY STAT: Inflation impact is uneven across spending categories. Consumers are cutting back on discretionary spending almost as much as on the essentials, despite being more sensitive to price hikes on essentials.

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Charts in This Report

US Adults Who Have Noticed the Impact of Inflation vs. Are Adjusting Their Spending in Response, April 2022 (% of respondents)US Adults' Personal Savings Rate, 2001-2021 (% of disposable income (DPI))
US Consumer Confidence, by Economic Indicator, Jan 2022-July 2022 (index*)Recent* Changes in Household Spending on Activities/Products According to US Adults, Aug 2022 (% of respondents)
Categories Where US Adults Are Prioritizing Spending vs. Cutting Back due to Inflation, July 2022 (% of respondents in each group)Categories Where US Adults Are Prioritizing Spending vs. Cutting Back due to Inflation, April 2022 (% of respondents in each group)

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authors

Jingqiu Ren

Contributors

Eleni Digalaki
Principal Analyst
Dave Frankland
Principal Analyst, Marketing
Ann Marie Kerwin
VP, Content
Jennifer Pearson
VP, Research
Amy Rotondo
Director, US Research
Lauren Ruhlen
Researcher
Debra Aho Williamson
Principal Analyst