Gas, Groceries, Dining Out Top List for Rising Costs
Gasoline, groceries, and dining out top a list of the 12 most acute inflation pain points for consumers today, according to First Insight’s latest study detailing the impacts of inflation on consumer spending.
“Soaring gas and food prices are just the tip of the iceberg for consumers today,” said Greg Petro, CEO. “Record high prices on essential items will negatively impact both consumers’ confidence and their spending power. Some categories, such as apparel, footwear, accessories, travel and entertainment may struggle as consumers cut back on discretionary spending. It will be critically important for companies to remain close to their customer base to predict how they are going to respond to all the changes out there.”
The top 12 categories affecting consumers’ daily lives the most include:
- Gas
- Groceries
- Dining
- Vehicle Prices
- Household Goods
- Rent/Mortgage
- Apparel, Footwear & Accessories
- Entertainment & Recreation
- Healthcare
- Education
- Travel, Hotels, Flights, Vacations
- Childcare
This study is the first in a series of reports which will reveal the influence inflation is having on various consumer groups and demographic segments such as people who are returning to the office. The reports also present deep dives into specific concerns by generation, regions and other demographic groupings.
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