Shopping Amid Inflation Adds to Consumer Stress

The latest round of research conducted by Vericast found that 50% of all consumers and 64% of Millennials indicated that making spending decisions along with rising prices due to inflation are negatively impacting their mental health. Over a quarter agree that inflation is also influencing their decision to seek appropriate care.

To assess consumer behavior changes during inflationary times, Vericast, a leading marketing solutions company, recently conducted a survey of 1,000 U.S. adults and found that trying to make money last is also weighing heavily on the minds of consumers. Especially stressful factors – such as dwindling confidence in ability to pay bills on time and purchase necessities like food (70% expressed this sentiment) – are challenging consumers.

As a result, consumers are being more intentional with their spending to alleviate tension and exploring ways to navigate rising prices such as buying more private label brands, limiting spending in certain areas, and strategically allocating tax refunds. Many are also leveraging discounts on dining whenever possible.

With ongoing challenges from increased operational costs, talent shortages and supply chain bottlenecks, companies are facing pressure from many directions. To support both short- and long-term growth amid these hurdles, brands should prioritize staying top-of-mind with consumers in the moments that matter. Offering deals keeps brands in consideration but targeting those deals at the right audience interests – as well as aligning them with product availability – is more important than ever.

“Our survey results reveal opportunities for brands and marketers to better engage with consumers by helping them tackle financial challenges during inflationary times,” said Dave Cesaro, Executive Director Client Strategy at Vericast. “As the dollar shrinks, consumers are getting smarter with money. Brands can build credibility and stand out among competitors by offering value in the form of discounts and deals, which can help consumers feel more in control of their mental, physical, and financial health given the fatigue of the past two years.”