, APAC
Source: Euromonitor International

Three in four shoppers tighten budgets amidst higher prices

Consumers will likely switch to e-commerce for better and cheaper deals.

A total of 75% of consumers had no plans to increase their overall spending in 2022 amidst the rising prices, Euromonitor International reported. 

Euromonitor noted that shoppers often pick affordability and bargains over brand loyalty. 

In this light, the report expected consumers to switch to e-commerce to do away with transportation expenses as well as to score better deals. 

“Saving money is top of mind and consumers are bracing for leaner months ahead,” the report read in part.

Read more: Over 40% of consumers are not willing to pay extra for green products

Moreover, Euromonitor found that 66% of retail professionals said the rising cost of raw materials had an extensive impact on their company in the past 12 months; whilst 55% said theirs increased prices of certain products or services due to inflation.

“Trading down means private label products and discounters will steal a market share of certain categories,” Euromonitor also noted.

“But alternative payment methods, affordable assortments, and strong partnerships can expand your customer base to maintain competitive positioning.”

 

Follow the link for more news on

Join Retail Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

BNPL regulations toughen debt prevention and financial literacy in APAC
The Philippines, Vietnam, and Indonesia are more vulnerable to the risks of credit products, Euromonitor International reported.
CONCEPT WATCH: Eatology cooks up a ‘halfway diet’ for Hong Kongers
The flexitarian meal plan is for consumers looking to reduce their consumption of animal-based products.