AMC Global and OpinionRoute Release New Data: Impact of Price Increases on Consumer Behavior
Study examines current shopping behavior during period of inflation and consumer opinions about who is responsible for increased CPG product prices
The study examines what consumers hold responsible for price increases such as ingredient supply problems, manufacturers, the pandemic, transportation issues, the government, and labor shortages.”BLUE BELL, PA, UNITED STATES, February 1, 2023 /EINPresswire.com/ -- AMC Global, an international custom market research firm specializing in launch strategies and brand tracking, and OpinionRoute, a leader in insights process management, have released the latest wave of their ongoing consumer behavior study. The new findings look at how current price increases for consumer packaged goods (CPG) have impacted shopping behaviorlike cutting back on purchases, changing brands or buying larger pack sizes. Shoppers shared that the categories of eggs, fresh produce, meat and dairy have been hit hardest by inflated costs.
— AMC Global Consumer Study
The study also examines what consumers hold responsible for price increases such as ingredient supply problems, manufacturers themselves, the pandemic, transportation issues, the government, and labor shortages.
Key findings from the latest study:
- Areas where consumers have noticed price increases include groceries (91%), gas (84%), home improvement and building supplies (82%) and OTC medications (72%).
- Price increases have resulted in consumers buying certain products less often (45%), buying only when on sale or with a coupon (29%), buying a cheaper brand (25%), buying generic or store brands (22%), and buying larger pack sizes or bulk sizes (15%).
- Price increases of OTC medicines have 51% percent of respondents buying generic or store brands of pain medication, with 46% buying generic or store brand cough and cold medication.
A complete representation of the CPG Price Increase Impact can be found here. Data was collected earlier this month from n=1,001 U.S. general population consumers over age 21.
The study is ongoing, and new data will be released as it comes in. The study findings are designed to help clients and industry leaders navigate quickly changing consumer behavior.
About AMC Global
AMC Global are the experts in product launch, with an innovative suite of tools that span the full product lifecycle. The companys proprietary PFU (Purchaser Follow-up) tool, was developed early on to capture insights from real purchasers of new or restaged products immediately following launch. This solution set the stage for the development of numerous tools, some with exclusive patents, to help brands optimize products for launch and deeply understand purchaser and shopper perspectives. The AMC Global team prides itself on the fact that clients consider them true strategic partners, brought in to help their teams forward-think and stay on the cutting edge of analytics and insights. The company is headquartered in Blue Bell, PA. www.amcglobal.com
The market leader in Insights Process Management, OpinionRoute is an innovative firm focused on helping clients succeed in the rapidly evolving market research industry. Headquartered in Cleveland, Ohio, we are passionate about data quality and doing things the right way. Our research-first solutions are designed specifically to improve insights. For more information, please visit www.opinionroute.com.
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