New Study: More Americans Shopping Online…More Often
Sep 19 2022
– Looming recession impacts consumers’ shopping habits –
– PLUS: More Americans will cut Cable than Cellphone or Local Paper
DENVER (September 19, 2022) — Adtaxi, one of the nation’s fastest-growing digital marketing agencies, today announced the results of its 2022 Economy Concerns Survey. The survey’s findings were clear: While Americans are being selective about purchases, the rate of online shopping is skyrocketing and consumers are limiting in-store purchases. Overall, the statistics show that we are in a full-fledged digital era as 9-in-10 of the respondents indicate they will rely more on the internet if a recession hits.
The survey found consumers use the internet to shop for everything from apparel (66%) to groceries (46%) and CBD (11%). Additionally, there is heightened reliance on the internet for price comparisons, searching for deals, and reading reviews before buying. If a recession does hit, 36% of respondents say they will increase their reliance on online price comparisons, further distancing the internet from other media when it comes to shopping utility.
“It is not surprising that the results of the survey reflect that consumers are becoming increasingly reliant on digital services for everyday needs,” said Chris Loretto, EVP of Adtaxi. “Despite the potential for an economic recession, it is important for digital marketers to continue capturing the attention of digital audiences to stay top of mind when the economy inevitably rebounds. Since 2017, the percentage of people shopping online daily has nearly tripled, leaving room for digital marketers to resonate with consumers who are in search of essential goods regardless of the economy.”
The findings of the survey include:
- Demand for Digital: 90% of Americans shop online at least once a month (up from 71% in 2017). Additionally, 61% claim they utilize online shopping weekly (up from 27% five years ago). If the US economy enters a recession in the next year, one-third (34%) of American consumers will rely more on online shopping. Conversely, 32% of survey respondents said they will cut in-store (non-grocery) shopping.
- Putting off Purchases: The survey shows that people are beginning to limit spending due to the economy; 21% of clothing purchases, 24% of appliance purchases, and 23% of home or real estate purchases are being negatively impacted by the anxiety consumers are feeling while anticipating a recession. While travel has recently rebounded post-pandemic, 28% of Americans are putting off vacations due to the current economy. Additionally, half (51%) will cut travel should the U.S. enter a recession.
- Continuing Education: Whether currently enrolled in school or online, or planning to, half of U.S. adults are engaged in the education system. The survey found that 17% of respondents stated they would cut their education endeavors in times of recession. Knowing undergraduate enrollment has fallen by 9% since the pandemic, anticipate shifts toward online and more affordable options.
- Prioritizing Services: When it comes to entertainment spending, 17% of Americans say they will cut their cable subscription if the U.S. enters a recession. That doubles the percent of us who would cancel either a cellphone or local newspaper subscription. While the pandemic kept many of us at home, the number of cable households has fallen by 10% since. If an economic-based recession hits, expect cable homes to fall below 35%.
“With consumers hyper focused on the economy in the coming weeks and months, these results offer insight into how marketers can maximize their reach while offering buyers products that fit into their budgets,” added Loretto “Looking back five years, the survey statistics prove that consumers prefer to shop online and are doing so more frequently.”
This survey was conducted online using Survey Monkey among a national sample of 1,068 adults spanning across U.S. geographic regions, income levels, gender and age. The survey was conducted on August 23rd, 2022.
Founded in 2010 within MediaNews Group, Adtaxi made its mark in programmatic advertising before expanding into search, social, and connected TV. Over time, Adtaxi has refined and perfected its holistic performance-based strategy, which became the foundation of Quantum, originally launched in 2015. Leveraging the power of people plus technology, Adtaxi’s innovative full-funnel methodology leverages a variety of tools and processes throughout the client lifecycle to drive omnichannel optimizations across channels to maximize performance and deliver superior value for advertisers. Adtaxi functions as a true partner with its clients, acting as a single point of contact and support through multi-platform campaign cycles. Find Adtaxi on Twitter, LinkedIn and Facebook.
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