Prosper Insights & Analytics released the results of its most recent survey on consumer spending and brand awareness. The October data included responses from approximately 7,500 US consumers.
According to the report, consumers are spending, albeit somewhat differently. Price increases have consumers shopping for sales more often, switching to store brands and generics, and more frequently using coupons.
Consumers are returning to shopping in brick-and-mortar stores, which correlates with decreased levels of consumer concern about COVID-19. Gas prices are influencing the frequency of shopping trips, down 7.5% year-over-year, leading to shopping at stores closer to their homes. In the same period, there has been an 11% increase in consumers shopping for sales, and a 5% increased focus on wants rather than needs.
