The war in Ukraine, COVID, inflation and even a shortage of baby formula are all weighing heavily on shoppers’ minds. So where does the heaviest burden fall on consumers and what summer plans are consumers considering? 84.51°, the Cincinnati-based Kroger-owned data and media company, breaks it all down in its May Consumer Digest.
Inflation Impact: 84.51° found inflation has been 2x-3x that of the concern of COVID, with 78% of shoppers in the 45-54 age range extremely concerned with inflation and less than half (31%) extremely concerned about COVID.On the flip side, 84.51° found that only 13% of shoppers under the age of 34 are extremely concerned about COVID.
Money Too Tight to Mention: Almost 50% of shoppers claim they are at least somewhat uncomfortable with their finances, 84.51° found, which mirrors sentiment seen during the winter holiday season.So how are consumers cutting back? The majority (62%) are looking for sales, deals and coupons. More than half (58%) are skipping nonessentials such as candy and snacks and switching to lower cost brands and maintaining to cook at home.
The World Awaits:Despite money woes, all the data points to consumers’ readiness for summer travel. The 84.51° data found that 35% will head to the beach, 34% will visit family, 28% will visit a city and 26% will visit a lake. While on the road, 84.51° found most travelers will dine out.
Fire Up the Grill: For those looking to fire up the grill this summer, traditional summer staples are what’s cooking with 84.51° reporting that 72% plan to grill hamburgers/cheeseburgers; 68% plan to grill chicken; 62% plan to grill hotdogs and 43% plan to grill vegetables.