Intelligence Node Releases 2023 Consumer Buying Behavior Report – Press Release

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Report unveils consumer sentiment and buying patterns during recessionary times

SAN FRANCISCO, March 15, 2023 /PRNewswire-PRWeb/ — Global retail analytics leader Intelligence Node today released its 2023 Consumer Buying Behavior Report, which tracks patterns in consumers’ shopping habits amidst growing inflationary trends and recession fears in 2023, to identify key trends and insights. The report is a go-to guide for retailers and brands looking to understand consumer sentiments and buying patterns during unprecedented events and the evolving retail landscape.

“The post-pandemic retail industry is going through massive transformation,” said Sanjeev Sularia, CEO of Intelligence Node. “Unprecedented external factors have carved a sure-shot path for a data-driven, digital-first retail landscape. Consumers have never been more complex or had higher expectations, and it is critical for brands to have an intimate understanding of how consumer preferences and behaviors are shifting. Brands that pay close attention to the changing tide of consumer expectations and embrace the new digital wave will be the ones that win in the age of Amazon.”

Key events and findings from the report:

Inflation and Recession Fears Lead to Cautious Spending

  • 1 out of 2 shoppers are likely to cut their retail spending in 2023
  • Luxury and fashion spending will be most affected by the recession
  • >70% of shoppers search and compare prices online very often while shopping in-store

Consumers Prioritize Sustainability and Conscious Consumption

  • >90% of shoppers consider nutritional information on grocery packing important
  • 1 out of 2 shoppers are willing to pay a premium for sustainable brands

Shopper Prefences Evolve Amidst Digital Upheaval

  • Over 60% of respondents abandon carts due to delivery charges
  • 60% of shoppers use Amazon to look up products online
  • Delivery fees trump all other factors when making an online purchase decision

Brand Loyalty Still Relevant in 2023

  • Brand loyalty is the most important in the…

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