Research the Recession with Mintel

Research the Recession with Mintel

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The past few years have been a perfect storm of upheaval in many aspects of consumers’ lives–political, economic, social, and health. Consumers are grappling with a new post-pandemic world and economic environment. So, where do we stand today?

The Strength of the US Dollar

With the Federal Reserve hiking interest rates at the start of 2022, the US dollar is now stronger than before with a 20% appreciation in comparison to other global currencies. Now citizens are able to enjoy things like favorable exchange rates to foreign currency, cheaper rates on goods produced outside the country, and more a US Economy.

Our Affordable Designer Brands

But not every customer will get to experience these great effects. For working class consumers hit hard by inflation, the budget is still top-of-mind and they have less flexibility with discretionary spending. They are seeking cost-saving alternatives and are willing to reevaluate both mandatory and discretionary spending habits, in order to alleviate the enhanced financial pressures.

Consumer Mindset: Intentional Spending

With reduced discretionary funds to spend, consumers are forced to evaluate what’s most important to them – what’s mandatory. Value no longer only means quality and volume alone, consumers are weighing sustainability, convenience, ethics and other intangible assets to make sure their dollar is intentional.

Some customers may have a new appreciation for the simple things which could translate into less spending, while looking for new solutions and products that save them money while maintaining their standard of living. In response, Brands are encouraging consumers to find joy in getting the best price and celebrating their financial savvy. Find out how Mintel’s trackers and consumer data can tell you how your core customers are being affected here.

The Cost of Loyalty

How Can Mintel Help?

For 50 years, Mintel has been the essential guide to predicting how consumer behavior will change. Our analysts have conducted market research to identify global trends, growth opportunities and evolving consumer attitudes towards consumer spending, global and local economies and the future of various categories. To gain further insight and expert recommendations for how you can navigate these uncertain times, fill out a contact form, and an industry specialist will be in contact.