Impact of Price Increases on Consumer Behavior

Posted by AMC Global on Jan 31, 2023 10:58:57 PM

Study examines current shopping behavior during period of inflation and consumer opinions about who is responsible for increased CPG product prices

AMC Global and OpinionRoute, a leader in insights process management, have released the latest wave of our ongoing consumer behavior study. The new findings look at how current price increases for consumer packaged goods (CPG) have impacted shopping behavior—like cutting back on purchases, changing brands or buying larger pack sizes. Shoppers shared that the categories of eggs, fresh produce, meat and dairy have been hit hardest by inflated costs. 

The study also examines what consumers hold responsible for price increases such as ingredient supply problems, manufacturers themselves, the pandemic, transportation issues, the government, and labor shortages. 

To see a full graphical representation of the study, click here or on the callout below.

AMC GLOBAL PRICE INCREASES

Key findings from the latest study:

  • Areas where consumers have noticed price increases include groceries (91%), gas (84%), home improvement and building supplies (82%) and OTC medications (72%).

  • Price increases have resulted in consumers buying certain products less often (45%), buying only when on sale or with a coupon (29%), buying a cheaper brand (25%), buying generic or store brands (22%), and buying larger pack sizes or bulk sizes (15%).

  • Price increases of OTC medicines have 51% percent of respondents buying generic or store brands of pain medication, with 46% buying generic or store brand cough and cold medication.

A complete representation of the “CPG Price Increase Impact” can be found here. Data was collected earlier this month from n=1,001 U.S. general population consumers over age 21. 

The study is ongoing, and new data will be released as it comes in. The study findings are designed to help clients and industry leaders navigate quickly changing consumer behavior. Reach out to us to learn more.