2022 Consumer Outlook
According to the latest NielsenIQ consumer survey, Americans are losing confidence for a variety of reasons. One topic is at the top of most consumers’ minds this year: Inflation. Inflation is impacting every industry and causing many consumers to question their spending habits. They are faced with a weakened dollar, increased costs, and a lack of disposable income.
Unfortunately, these concerns directly impact shopping behaviors and consumption habits for the foreseeable future. From skimping on luxury goods to swapping name brands for private labels to using coupons regularly, consumers are trying everything. This means many brands are going to have to change their messaging and meet consumers where they’re willing to spend.
Top 5 Consumer Concerns
There are a number of factors that influence the demand of consumer goods and consumers aren’t all concerned about the same challenges. So, your brand may need to react differently depending on your market. To better understand the consumer mindset, NielsenIQ has identified the top consumer concerns mid-way through 2022.
Here are the five top consumer concerns that are impacting U.S. SMB sales:
SMB Growth Opportunities
Luckily, the outlook isn’t all negative. Consumers are affirming that they intend to spend their disposable income in various ways going forward. For example, 40% of consumers surveyed believe they will increase their grocery spending going forward and 42% expect it to remain the same. This shows that consumers are expecting to shift spending back to the grocery store and provide much-needed relief to CPG grocery brands.
The key to growth lies in the data. Identifying which products and attributes are trending, what consumers are actively seeking, and which retailers are best to work with are key. Investing in a data platform like Byzzer to research your consumers will pay dividends.
Keep Growing with the Right Analytics Solution
COVID-19, inflation, and more are still on the minds of U.S. Consumers. To better protect your business and continue to grow, you need to know the types of data your brand should be measuring.
Byzzer Analytics lets you get deeper insight into product sensitivity and positioning. From pricing, promotion, and assortment data to attribute-level data and our best-in-class Brand Score tool, you’ll never be caught unawares. Even better, this data is all backed by the power of NielsenIQ.