The situation: Economic uncertainty is weighing on a sizable segment of US consumers.
A tough environment: Consumers are struggling to keep up as prices continue to rise. The personal consumption expenditures price index excluding food and energy was 4.6% in March, down a tick from February, per the US Commerce Department.
Finding an opportunity: Companies can build loyalty (and acquire new customers) by providing ways to help consumers save.
The big takeaway: Loyalty can quickly wane in the current economic climate if consumers feel they get a better deal elsewhere, which is why retailers that serve lower-income consumers and younger adults should look for ways to demonstrate value.
First Published on Apr 28, 2023
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