EY’s Jeff Orschell shares insights on price sensitivity and discusses the mitigating repercussions of rising prices.
And in a separate report from Affirm, the payment solutions network, which surveyed 1,740 consumers to understand how inflation is affecting their spending habits, 66 percent of U.S. consumers are concerned that rising costs will prevent them from paying for the things and experiences they had planned for the year. For Millennials and Generation Z, the number was 73 percent.
“Those nonessentials are the ones that are taking the head right now,” Orschell said. “Apparel is a big one — 38 percent of consumers say they’re purchasing less apparel and 29 percent say they’re purchasing fewer beauty products. A third of consumers said they are also purchasing fewer consumer electronics.”
Following closely behind an affordability mind-set and experience mind-set in EY’s findings was a planet-first mind-set at 21 percent — a rise for the U.S. Continuing to tighten up and ship definitely applies to apparel, he said. This includes making sure that physical stores are being used effectively as channels as brands become more cost-effective.
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