Consumer Reactions to Supply Chain Issues and Price Increases

Our ongoing study shows consumers predicting worsening shortages, purchase delays, and stocking up on essentials for 2022

The latest wave of our ongoing consumer behavior study with OpinionRoute was conducted to reveal predictions for shopping behavior in the coming year. Results show that consumers are acutely aware of a current increase of prices and a decline in product availability, and are expecting and preparing for continued price increases, product shortages and supply chain issues in 2022.

Consumers' attitudes are shifting towards withholding routine purchases until there is a sale rather than maintaining current purchasing habits. The insights gathered show that consumers will likely stock up on everyday purchases such as paper products, groceries, cleaning products and personal care/beauty items, while holding off on buying clothing and shoes until prices decrease. Larger purchases such as furniture, technology and electronics are also expected to be held off until prices lower or if there is a sale. 

You can find a complete graphical representation of the study here, or click on the callout below.

Key findings for the latest study:

• Ninety-four percent of respondents noticed prices increasing recently, and 90% of respondents expect prices to continue to rise in 2022.
   
• Sixty-seven percent of respondents have found it hard to find specific products recently, and 66% expect this situation to worsen in 2022.
   
• To address future supply chain issues, consumers are likely to change something in the coming year about how they buy staple household products. Seventy percent of consumers will change how they buy paper products (43% planning to stock up during a sale); 67% changing how they buy cleaning products (36% planning to stock up during a sale); 65% changing how they buy groceries (39% planning to stock up during a sale). 
   
• Thirty-seven percent of consumers predict they will delay purchasing tech items, 34% motor vehicles, 33% furniture, 31% household goods in 2022.

A complete representation of the 2022 Shopping Trends and Predictions Data can be found here. 

Our study findings are designed to help clients and industry leaders navigate quickly changing consumer behavior during the pandemic and beyond. Want to learn more about what to expect in the coming year, and how it impacts your brand? Reach out to us!