Inflation reduced consumer spending, emphasises need for high-quality product content

November 10, 2022 By Jozeph P

(Image Credit Google)

The 2022 Consumer Product Benchmark Report, published by 1WorldSync, the top worldwide product content platform for brands and retailers, demonstrates the huge impact of inflation on consumers. According to the analysis, which included information from a poll of 1,650 shoppers in the United States and Canada, 63% of customers intend to cut back on spending to account for rising prices. Additionally, more discerning customers are scrutinizing products than ever before. The need for accurate brand material cannot be overstated. 52% of shoppers conduct at least four product comparisons before making a large online purchase, and 89% browse numerous websites. Seven out of ten consumers indicated they frequently opt not to purchase a product because of subpar or nonexistent product material.

1WorldSync’s 2022 Consumer Product Content Benchmark Report found that 7 in 10 shoppers often decide not to buy a product due to poor quality product content or a lack of product content. Dive into this data and more in 1WorldSync's latest blog https://t.co/eOxdCzP5qj
— 1WorldSync (@1WorldSync) November 8, 2022

According to 1WorldSync, customers spend more time checking the product material to confirm:

They (56%) need or want the product.
The item will live up to expectations (49%).
The manufacturer's figures (38%) coincide with their own.
The product is well-liked by other customers (33%).

According to Steve Sivitter, CEO of 1WorldSync, "Relevant, compelling product material is vital everywhere commerce happens." The research also predicts that merchants will have a challenging holiday season. Due to inflation, 38% of shoppers want to reduce their gift purchases this year. Consumer spending is reduced by inflation, which emphasises the need for high-quality product content

Consumer spending is reduced by inflation, which emphasises the need for high-quality product content

As possibly the most popular gift products, clothing and accessories (65%), electronics (59%), and toys and games (51%) are the non-essential good categories that consumers are feeling the strain on the most. Retailers may find new return-related insights from 1WorldSync useful as they get ready for the post-holiday return season. Low-quality product content and incorrect, deceptive, or subpar product information on e-commerce websites were cited as reasons for returns. The top three items returned in the last 18 months were packaged groceries, clothing and accessories, and consumer electronics.

By Jozeph P

Journalism explorer, tech Enthusiast. Love to read and write.

Inflation reduced consumer spending, emphasises need for high-quality product content

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