A study of over 1,000 consumers conducted by Survata revealed that 55% of Americans have reduced their total spending by 10%-20%.
Americans leaned more towards brand products across many categories as opposed to private labels despite cutbacks as per the report. 55% of respondents reported slashing spends by 10-20%, while 25% of reduced spends by 30%-40%. Only 20% reduced spending in half.
Name brand cleaning products at 61% was the most preferred category among consumers, followed by name-brand packaged goods (58%). However, over half of consumers preferred non-generic medications and only 27% cared about liquor brands.
Of the many reasons, 64% of consumers reported product availability as a big influence on their purchases. Further, 72% of participants were more aware of product availability, due to shortages caused by pandemic shopping. Additionally, 40% of respondents cited trust to influence their purchases.
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