February 22nd, 2023, Lesley Simeon
Global food and drink company, Nestlé, has said it will lift prices this year, joining an increasing list of companies and retailers who have revised prices upwards in recent weeks. Coca-Cola announced plans to increase soda prices in order to combat rising costs, so did Unilever while hoping to ‘ease up those hikes in the second half of 2023’. However, companies like PepsiCo and Kraft Heinz have briefly let go of revising prices after increasing rates previously.
With the price jumps making headlines globally, how are Americans planning on battling wave of increasing costs?
According to YouGov Profiles - which covers demographic, psychographic, attitudinal and behavioral consumer metrics - more than half (56%) of the general US population would cut down on eating out in response to squeezed household budgets. Reducing expenditure on travel/holidays (34%), clothing (34%) and technology purchases (33%) complete the list of top four areas American would first make cutbacks to bring down expenses.
Data shows that 22% of Americans would look to reduce spend on groceries to battle increases in cost of living.
When it comes to household financial situations, 37% of the general US population expects their situation to get better in the coming 12 months. Profiles data shows that while 26% of the respondents say their household financial situation will experience no change, 21% think it will get worse in the next 12 months.
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Methodology: YouGov Profiles is based on continuously collected data and rolling surveys, rather than from a single limited questionnaire. Profiles data for the US is nationally representative and weighted by age, gender, education, region, and race. Learn more about Profiles.
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