In the final days of 2022, we conducted a brief, in-house survey to see how consumers felt about the economy and whether it would effect their behavior in 2023. Our results were as hopeful as our respondents: consumers won’t let a recession keep them down! The polls showed that while there is still trepidation surrounding the economic outlook for the coming year, people around the globe are willing to take a little risk to keep moving forward out of a pandemic and conflict-driven downturn.
Will inflation impact purchase behavior in 2023?
When asked this question, 78% of respondents said that inflation would impact their purchase behavior in the coming year. However, when we asked them if they were still planning to make large purchases (like a house, a new car, a major renovation project, etc) 56% of them answered “yes”. Data from retail giants showed us that spending was down last year on smaller, more “frivolous” purchases as consumers saved their pennies to offset the rising cost of fuel, groceries, and utilities.
Our results reflect a trend that automotive experts, like those at Edmunds, are predicting for 2023… that large purchases like automobile sales will increase in the coming year. Consumers will likely make larger, planned purchases vs. smaller impulse buys in 2023.
Do you plan to increase travel in 2023?
The desire to travel has risen even above pre-pandemic levels as pent up wanderlust, the urge for in-person connection, and the ability to work remotely drives us out on the road and into the skies. When we asked our respondents if they planned to increase travel in 2023, an overwhelming 80% of them answered “yes”. This is great news for communities around the globe that rely on tourism as their major source of income. But we’re going to have to take the good with the bad. While pandemic-driven travel restrictions are being lifted in many countries around the world, labor shortages in industries like commercial aviation and vehicle shortages at rental car locations are causing issues for those who just wanted a relaxing vacation or a return to business as usual.
Consumers won’t let a recession keep them down
The results of our poll showed us that consumers and businesses alike can be hopeful in the new year, and reiterates the importance of keeping a finger on the pulse of consumers around the globe. iMAD Research offers a strong and proprietary panel of global respondents ready to help end clients and agencies alike with real answers, in real time, to drive businesses forward.
For more information about iMAD Research, and how we can help you with your next research project, contact us at [email protected].
