Jungle Scout has just released its latest Q3 Consumer Trends Report which shows a worrying trend amongst consumers when it comes to both inflation and a recession.
The Jungle Scout Q3 Consumer Trends Report is a quarterly study of more than 1,000 U.S. consumers and explores spending and eCommerce trends across the nation. In the Q3 report, the most notable statistic reported is around the impact rising prices are likely to have on Holiday spending this year.
Most notably that 3 out of 4 people believe a recession is imminent, which is an increase from a report taken earlier this year.
Key Insights From The Jungle Scout Q3 Consumer Trends Report
You can download the full Q3 Consumer Trends Report here, which is sure to be valuable to any eCommerce business heading into the holidays of 2022.
Some stand-out points from the report include:
- 84% of consumers say inflation has affected their overall spending, a 9% increase from three months ago.
- 55% of consumers plan to change their holiday shopping plans this year in response to inflation.
- 30% of consumers have begun shopping as of September, and 70% expect to start before Thanksgiving.
- 48% of consumers are likely to purchase a product directly from TikTok, while 65% have purchased from a streaming platform (Hulu, Netflix, etc.).
The growing concern among consumers regarding inflation and the reports that less will be spent on gifts and fewer gifts will be purchased overall could be worrying for eCommerce business owners and the prospect of a recession if the economy continues to shrink.
eCommerce business owners should be informed and prepared for the uncertainty that lies ahead over the coming months.
Connect With Us And Other Small Business Owners
Please head over to our Facebook Group for Small Business Sellers and interact with other small business owners.
Subscribe to Our Newsletter
Business Insights for Your Online Business Presented with a Dash of Humor
We do not share your information and you can unsubscribe anytime.