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Wednesday, October 5, 2022Market

Consuming in a time of inflation

Consommer à l'heure de l'inflation

In the consumer family, I ask for the “bargain hunter”. While the economic crisis is hitting hard, a part of the general public wants to preserve its budget while continuing to treat itself. In its latest report, WGSN, a forward-looking consultancy, examines the purchasing habits of this category of citizens.

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“If there was growth in 2021, there will not be growth in 2022,” WGSN said. “High prices will drive more people to cheaper essential alternatives and lead to a reprioritization of spending. However, the hunt for bargains and price breaks means that their consumption habits are often not in line with their sustainability efforts.”

Purchasing Behavior

According to WGSN, sales at U.S. discount stores (Dollar Tree, Dollar General and Five Below) increased 65% in 2022 compared to big box stores like Target and Walmart, where transactions only increased 38%.
“Moreover, we know that people looking for bargains will use any means they have to get their way. For example, in October 2021, the brand e.l.f. Cosmetics responded to the demand for more affordable cosmetics by releasing a Christmas gift guide highlighting makeup products under $5.”

Moreover, finding the nugget at the best price has become a real trend. On social networks such as Tik Tok, users film their loot and encourage their audience to participate in this modern day “treasure hunt”.

How to seduce these consumers

To meet the needs of this segment of the population, WGSN proposes several avenues of reflection.

Improving digital tools At a time when (almost) …

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