Discuss Co-Founder and Chief Strategy Officer Jim Longo in Forbes.
Over the course of my career in market research, I’ve seen my share of downturns and the way companies have weathered these changes—some suffer setbacks and some come out ahead. We’ve all experienced the recent effects of inflation on our wallets with rising prices on everything from groceries to gas, and it doesn’t feel good.
As a result of today’s perfect storm of supply chain issues, an unstable economy and rising inflation, consumers are buying fewer items, spending less per trip and looking for more cost-conscious options. According to McKinsey & Company, 74% of consumers in Europe have tried new shopping behaviors, 40% have tried private-label brands, 33% have switched brands and 27% have switched the store or retailer that they shop at, significantly moving toward discounters.
Many companies have felt the pressure of this shift in buying behaviors and have responded by raising prices or redesigning packaging to provide less for more. Shrinkflation, anyone? This isn’t just an issue for big brands. According to this Goldman Sachs survey of more than 1,500 small businesses, they found that 65% have raised prices to offset higher costs.
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