It is a very wise move for every business owner to have a means of gauging their target market expenditure, and tracking the changes that occur in the spending pattern.
The reason for this is not far-fetched. Being aware of consumer spending pattern will allow you make appropriate adjustments in your ecommerce pricing strategy so that you can still remain in business.
If you are in the US and you want your business to keep growing, it is imperative that you get yourself acquainted with the changes in how consumers spend.
How US consumer spending is changing overall
A recent study on the rate at which the US consumer spending pattern is changing, showed that according to 44% of shoppers in USA, their spending in the second quarter of 2022 remained the same with the last quarter.
23% of US consumers reduced their total expenditure by up to 50%, while 9% decreased theirs by between 51% and 100%.
Do not assume that all there has been are no changes or reductions. There have also been increments.
24% of the US consumers amped up their overall spending at varying levels. 19% of the consumers said that they increased their expenditures by up to 50%, 3% said they increased theirs by between 51% and 100% while 2% of said that their spending was more than doubled.
How US consumer spending is changing online
For e-commerce business owners, you will be more concerned with how the US consumer spending pattern is changing online. Have no worries as we also have helpful information for you.
The fact is that the online consumer spending pattern is quite similar with that of the overall trend. For the second quarter of 2022, 48% of the US consumers said that their online spending pattern is the same as the previous quarter, due to the fact that they made little to no changes in their spending habits.
19% of the US consumers reduced their online expenditure by up to 50%, while 9% decreased theirs by up to 51% and 100% in the second quarter of 2022.
19% of consumers increased their online spending by 50%, 3% increased theirs by between 51% and 100%, while 2% increased their online expenditure by more than 100%.
How US consumer spending is changing by product
Like we earlier said, being aware of how the US consumer spending pattern is evolving is a wise move but that is not enough. You still need to take another step and get yourself acquainted with the type of products that are experiencing the biggest changes.
Like we already pointed out, having this information will help you make necessary adjustments in your business.
That being said, 27% of US consumers purchased more groceries in the second quarter of 2022 than what was the case with the previous quarter. Other products that the US consumers spent more on include cleaning supplies as well as garden and outdoor products.
