Soaring to levels not seen in over 30 years, the current inflation rate has sent consumers reeling. A recent CivicScience survey shows that worries over inflation grow stronger by the day, a statement which can very nearly be taken literally.
Today, 54% of people report they are “very concerned” about inflation (n=3,740 U.S. adults), the highest point in a month-over-month climb since September. In total, close to 90% of adults feel some level of concern about inflation.
Changes In Buying Habits
Continuing down a path of pandemic-related disruption, changes to spending habits coincide with inflation anxieties. Well over one-third (38%) of people have responded to rising prices by buying less in general (results rebased to exclude answer “not sure”). That represents a massive (more than 40%) increase from April’s numbers, which is likely to slow potential progress in return to doing daily activities, such as shopping and dining out.
People who earn $50K or less per year are the most likely to pull back on spending by making fewer purchases, although nearly one-third of middle and high income earners are also buying less than usual. These trends will likely have a significant impact in the months ahead.
Despite income, higher earners are more likely to be concerned over inflation and rising prices. More than 60% of high earners are very concerned, compared to 44% of those who earn $50K or under.
Concern Across Party Lines
When it comes to inflation anxiety, a telling demographic is political affiliation. Just over three-quarters (76%) of respondents who are registered Republicans say they are very concerned about inflation, which is more than double that of Democrats. However, at the end of the day, the data show strong majorities across all parties express general concern.
Want to learn more about how inflation is affecting consumers? Check out our next webinar on November 23 from 1p.m.-1:30p.m.(EST). Join CivicScience CEO John Dick to see up-to-the-minute data on how rising inflation, supply chain problems, and other economic factors will affect consumer spending now and into 2022. We’ll look at how different industries and brands are likely to be impacted and what marketers can do to get ahead of the trend. Register here.