According to findings from a recent survey conducted by First Insight, 75% of consumers have less confidence today to spend and a whopping 97% are reprioritizing their buying habits to better afford their most critical purchases.
On the heels of ongoing bad news about inflation and amid Wall Street tumbles, a new report confirms that consumers are concerned and pulling back. According to findings from a recent survey conducted by First Insight, 75% of consumers have less confidence today to spend and a whopping 97% are reprioritizing their buying habits to better afford their most critical purchases.
At the top of those critical purchases: groceries, followed by gas, housing costs, and healthcare. Just when foodservice traffic was rebounding as the pandemic’s grip eased, consumers are taking a step back and returning to eating at home to rein in costs. Dining out ranked first in discretionary expenditure cuts, with 42% of consumers reporting that they are spending less on eating out to afford groceries and fuel.
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