Consumers Fear Inflation More Than Previously: Jungle Scout
Consumers are more worried about inflation and the economy than they were earlier in the year, said Jungle Scout Thursday, saying three-fourths of the 1,000 consumers polled July-September believe a recession is “imminent.” Some 84% of consumers said inflation has…
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affected their overall spending, up 9% from three months ago, and 55% of consumers plan to change their holiday shopping plans this year as a result. As of September, 30% of consumers had begun holiday shopping; 70% expected to start before Thanksgiving, it said. In Q3, 24% of consumers reduced spending by 24%; 13% by 1%-100%, it said. About 46% said they spent less on electronics, 17% spent more. E-commerce fared better than the overall retail market, with 32% of shoppers spending about the same in Q3, while 35% reduced spending, and 33% spent more, said the report. Nearly half of consumers said they're likely to buy a product directly from TikTok, and 65% said they have purchased from a streaming video platform.