A recent study commissioned by phone service app TextNow has provided a closer look at how American consumers are coping with the worst inflation rates in 40 years.
Here are some of the key takeaways and a summary of the data from the survey of 1,000 adults, which was conducted by survey platform Material+:
1. The bills are “too damn high”: Worried Americans are anxious about the current economic situation (55%) and have delayed purchases (77%) and/or fallen short on bills (25%).
2. It’s not just about money, it’s about mental health: The anticipation of being able to pay bills is weighing heavily on half of consumers polled, impacting their mental health, self-esteem and relationships.
3. Premium products are the first to go: Americans are reassessing the way they shop, abandoning premium items (45%), organic foods (27%) and expensive tech like smart phones (39%).
4. We remain attached to our phones, but are open to reassessing phone plans: Americans are physically connected to their cell phones 73% of the day and prioritize them over other amenities (85%), but most consumers (56%) are open to alternative solutions to their current providers if it means saving money.
5. Brands should cater to the consumer: Many consumers look to brands to improve their shopping experience and cater to their preferences, marrying necessity to practicality. Their main ask is lower prices (80%).