Consumer Trends Report Reveals Recession Fears Heading Into the Holidays 2022
Jungle Scout has just released its latest Q3 Consumer Trends Report which shows a worrying trend amongst consumers when it comes to both inflation and a recession.
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The Jungle Scout Q3 Consumer Trends Report is a quarterly study of more than 1,000 U.S. consumers and explores spending and eCommerce trends across the nation. In the Q3 report, the most notable statistic reported is around the impact rising prices are likely to have on Holiday spending this year.
Most notably that 3 out of 4 people believe a recession is imminent, which is an increase from a report taken earlier this year.
Key Insights From The Jungle Scout Q3 Consumer Trends Report
You can download the full Q3 Consumer Trends Report here, which is sure to be valuable to any eCommerce business heading into the holidays of 2022.
Some stand-out points from the report include:
- 84% of consumers say inflation has affected their overall spending, a 9% increase from three months ago.
- 55% of consumers plan to change their holiday shopping plans this year in response to inflation.
- 30% of consumers have begun shopping as of September, and 70% expect to start before Thanksgiving.
- 48% of consumers are likely to purchase a product directly from TikTok, while 65% have purchased from a streaming platform (Hulu, Netflix, etc.).
The growing concern among consumers regarding inflation and the reports that less will be spent on gifts and fewer gifts will be purchased overall could be worrying for eCommerce business owners and the prospect of a recession if the economy continues to shrink.
eCommerce business owners should be informed and prepared for the uncertainty that lies ahead over the coming months.
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Dave is a Co-Founder of eSeller365. For over 10 years he has been involved with eCommerce with a particular interest in the marketplaces and the huge opportunities available for sellers when utilizing a multi-channel strategy. After a year of being the UK’s youngest eCommerce consultant, he built an education platform called UnderstandingE that showed the world how to utilize Magento as the “Third Generation of Multi-Channel software”.
Dave has also created a YouTube channel dedicated to entrepreneurship and eCommerce as well as a podcast dedicated to mental health awareness. When Dave isn’t working his main interests include learning and playing Chess, researching the Crypto and NFT space, and trying to find the nearest beach.