In the eighth edition of the US Future Consumer Index, we take a hard look at the short- and long-term importance of price and availability.
We’ve come to believe that changes in consumer behavior force companies to shift and respond, but is that entirely true? Is the consumer driving the change? Or is the market driving change in consumers that then forces companies to adapt?
Nature or nurture? Chicken or the egg?
Take the current environment. All we hear right now is supply chain, inflation and labor. These market dynamics certainly have an impact on how we shop and what we buy in the near-term. This month’s EY US Future Consumer Index gives a glimpse into just how big of an impact the market has on our long-term priorities.
Since May, purchase criteria around price, product availability and quality of service have increased significantly in importance – likely resulting from the market dynamics that consumers find themselves in now with supply chain disruption, pricing increases from inflation, and labor shortages that cause companies to run short-staffed and scale back hours and services offered.