What: In a global survey of 9,600 shoppers, data revealed that consumers are getting fatigued by inflation and turning more frugal, with expectations to shop more online to find better value.

Why it is important: As consumer behavior shifts, businesses should focus on providing more products at competitive price points to maintain customer loyalty.

The expected shift to online follows a year of higher foot traffic in physical stores. However, respondents are becoming more frugal and expect to find better value online than in-store.

Avoiding brands due to higher prices is already having an impact on loyalty. 43% of respondents stopped shopping with certain retailers because of higher prices while only 17% continue to shop with the same retailers regardless of price.

Data clearly shows that shoppers are focused on price and convenience and only a small percentage of customers are unconditionally loyal to their favorite brands as prices rise.

53% of respondents in the US stated that the products they need have been out of stock more frequently in stores in the last six months which is another contributing factor to the shift in favor of e-commerce. 52% of shoppers try to find an out-of-stock product online and 71% will then shop for the product online the next time they need it.

Inflation is shifting shoppers to buy more online