2022 brought significant changes, with 59% of shoppers adjusting their spending behaviors compared to 2021.
Among the surveyed shoppers, 35% reported a decline in their overall retail spending over the past year, with 13% stating a substantial reduction and 22% indicating a slight decrease. The primary catalyst behind this decrease was:
- The state of the economy
- Rising living costs
- and mortgage payments
On the other hand, 41% reported that their spending remained relatively consistent. Many individuals prioritized essential expenses like food and fuel and opted for more budget-friendly alternatives. Others shifted their focus towards value-driven purchases, demonstrating a willingness to invest a bit more in high-quality items with lasting value.
Interestingly, while a significant portion of the population reduced their spending in 2022, 12% of respondents mentioned an increase in their expenditures, with 12% indicating a significant increase. Some attributed this to a return to a “more normal” year, where shopping in physical stores was feasible, while others cited personal circumstances. Additionally, some attributed their increased spending to the rising cost of goods.
Notably, frequent online shoppers—those who made online purchases at least once a week—were the group most likely to have increased their overall retail spending in 2022.
