Consumer confidence has fluctuated since the presidential election, impacting buying behaviors and brand loyalty. The University of Michigan's Consumer Sentiment Index dropped significantly, and while The Conference Board's survey saw a minor lift in May, confidence levels remain low compared to 2021. A recent survey indicates that price has become the central decision driver for consumers, with a notable shift among younger demographics prioritizing value over brand loyalty. Many consumers are willing to switch brands for better prices, reflecting growing caution in discretionary spending amid tariff fluctuations and economic instability.
"The constant and unpredictable reversals and adjustments of tariffs lack consistent context, meaning consumers don't know how to properly plan for their immediate budgetary future, much less a long-term one."
"Nearly 90% of consumers will change brands if they see a significant price hike... with most saying the tipping point is 11%-20%."
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