Three quarters of consumers said they were engaging in some sort of deal-seeking. 60% were adjusting the quantity of what they were buying, and 44% said they were delaying purchases on non-essential items, according to a recent McKinsey report.
Stubbornly high inflation rates in recent months and several interest-rate hikes by the Federal Reserve are impacting consumer behavior. That’s according to company earnings reports, market-data analytics and consumer surveys.
Rattled by the rise in the cost of living in recent months, millions of people have already been taking action to conserve their cash, according to a recent McKinsey & Co. report that explored the ways people are trading down. Inflation has become a stark reality for some people, especially when shopping for food — like the California woman who told MarketWatch that she buys fewer vegetables or freezes them to get more bang for her buck.
Some retailers appear to be reaping the benefits: Costco Wholesale COST, +0.52% — which can sell groceries in bulk in addition to a $1.50 hot dog–and–soda combo — just had a strong September, with comparable sales rising 8.5% from the same point last year.
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