For consumers experiencing supply chain issues, such as lack of product availability or later-than-expected delivery, many say they are not hesitant to make a change. More than one third, 37 percent, say they would go to different retailers to meet their needs, or if they are in-store shoppers, would switch to online. Nearly a third, 29 percent, of online shoppers say they would give in-store retail a chance to better meet their needs, and 40 percent would use comparison sites to check product availability.
Global uncertainties and supply chain issues are also leading many consumers to look more to their home markets. Eight in ten respondents expressed a willingness to pay a higher than average price for products produced locally or domestically.
So far, the majority of consumers surveyed are coping with higher inflation. Over 75 percent expect to maintain or increase current levels of spending across most categories in the next six months. Notably, 47 percent of respondents expect to spend more on groceries. However, in what may be a sign of what is to come, more than a quarter of consumers plan to reduce spending in a number of categories, including luxury/premium goods (37 percent), dining out (34 percent), arts, culture and sports (30 percent), and fashion (25 percent).
Overall, rising prices for groceries was the most prevalent issue with the shopping experience cited by consumers shopping in-store (65 percent) and online (56 percent). More than half of consumers surveyed, 57 percent, say they almost always or frequently experience rising prices for groceries. At 69 percent, US and Canada trail only South Africa (76 percent) and Brazil (74 percent) for countries with the most respondents experiencing grocery inflation.
Supply chain issues were also seen as affecting the shopping experience, most notably being unable to purchase a product due to it being out of stock (online: 43 percent; in-store: 37 percent). Consumers also cite longer delivery times for online purchases (42 percent) and longer lines or busier in-store locations (36 percent).