Jungle Scout’s quarterly Consumer Trends Report: Consumers continue to spend despite rising costs and stagnant incomes; social media and affordability influence purchases
Austin, Texas, June 23, 2022 (via Newswire.com) — Jungle Scout, described in a company press release as “the leading all-in-one platform for e-commerce sellers,” this week released its Q2 2022 Consumer Trends Report, a quarterly study of U.S. consumers that explores spending and e-commerce trends.
The report finds that 59% of consumers are buying less expensive brands to cut costs.
While inflation continues to impact consumer spending, social media, pricing, and brand loyalty are key factors in shopping behavior. (https://www.junglescout.com/consumer-trends/)
Key insights from the report include:
Social media and advertising significantly influence consumer purchases and their opinions of brands.
* 35% have purchased a product after watching a social media brand’s live stream.
* 42% say being “followed” around the internet by ads is a helpful reminder, while 32% say they are “creeped out” by the tactic.
* YouTube is the most trusted social media platform for finding and purchasing products, followed by Facebook and Instagram.
* Brand loyalty is at stake as consumers prioritize affordability.
48% of consumers are more likely to shop from a brand that has consistently lower prices. Consumers’ willingness to switch to a new brand if it is more affordable increased 12% quarter-over-quarter.
“Despite concerns about inflation, consumers are still investing in the retail economy and are turning to e-commerce for the best deals. What’s changing is the products consumers buy and the factors that influence their purchase decisions,” says Mike Scheschuk, CMO of Jungle Scout. “Brands need to reassess their strategy as social media and affordability reshape the retail landscape. By optimizing their online presence, brands can engage with customers, better understand their needs, and secure loyalty in these uncertain economic times.”
The information cited in this story was included in a press release from Newswire.com. The release was sent to CapitolBeatOK.com, which adapted the release in this space. Newswire is a press release distribution platform that regularly works with news organizations around the world. The original press release may be viewed here: https://www.newswire.com/news/report-59-of-u-s-consumers-are-buying-less-expensive-brands-to-combat-21747707
Additional findings include:
Millennials are less likely to sacrifice their shopping habits to cut costs compared to Baby Boomers.
* Baby Boomers are nearly twice as likely as Millennials to go without some products to cut costs.
* Only 35% of Millenials would buy a less expensive brand to save money.
* Baby Boomers are more likely to shop in-store to cut down on shipping costs. Two of three U.S. consumers shop on Amazon, and most are loyal Prime members.
* 47% of consumers are likely to shop on Prime Day this year.
* Low product pricing is the top reason people choose Amazon.
* Nearly 90% of consumers will likely keep their Prime membership for another year.
*45% said the new cost of Prime membership doesn’t bother them.
About this Report: Jungle Scout conducted an anonymous survey between May 6 and May 10, 2022, among 1,000 U.S. consumers about their buying preferences and behaviors. Respondents represented 48 U.S. states, all genders, and ages 18 to 75+, as well as varying employment types and income levels.
About Jungle Scout: Jungle Scout is the leading all-in-one platform for selling on Amazon, supporting more than $40 billion in annual Amazon revenue. Founded in 2015 as the first Amazon product research tool, Jungle Scout today features a full suite of best-in-class business management solutions and powerful market intelligence resources to help entrepreneurs and brands manage their e-commerce businesses. Jungle Scout is headquartered in Austin, Texas, and supports 10 global Amazon marketplaces.
NOTE from CapitolBeatOK.com publisher: No compensation was received from Jungle Scout or Amazon for use of this report, which came via email through News.wire.com