U.S. consumers are facing the highest rate of inflation in more than 40 years, and ongoing rises in prices are causing consumers to change their buying behaviors. In October 2022, L.E.K. Consulting conducted a survey among more than 2,500 consumers across a range of income levels and generational segments to gain deeper insights into these changes. The results indicate which of 17 different consumer categories are most impacted, and how consumer relationships with these categories are altering.
In this first of a 2-part series, we explore how consumer behavior has shifted and how these changes are more prevalent in key income groups. Additionally, we look at which categories consumers will avoid if prices continue to rise, and which ones they will revisit if inflation abates.
Please download Part 1 of the survey report to view the findings.
90% of consumer business leaders say inflation is having a material impact on their business. See part 2 of our report for more on how they're grappling with this problem.
01182023100149