Inflation Study Confirms: The Bills Are Simply Too High

A recent study commissioned by phone service app TextNow has provided a closer look at how American consumers are coping with the worst inflation rates in 40 years.

Here are some of the key takeaways and a summary of the data from the survey of 1,000 adults, which was conducted by survey platform Material+:

 

2. It’s not just about money, it’s about mental health: The anticipation of being able to pay bills is weighing heavily on half of consumers polled, impacting their mental health, self-esteem and relationships.

3. Premium products are the first to go: Americans are reassessing the way they shop, abandoning premium items (45%), organic foods (27%) and expensive tech like smart phones (39%).

4. We remain attached to our phones, but are open to reassessing phone plans: Americans are physically connected to their cell phones 73% of the day and prioritize them over other amenities (85%), but most consumers (56%) are open to alternative solutions to their current providers if it means saving money.

5. Brands should cater to the consumer: Many consumers look to brands to improve their shopping experience and cater to their preferences, marrying necessity to practicality. Their main ask is lower prices (80%).

READ ALSO: OP-ED: The Inflation Reduction Act Was Signed – Let’s Make Sure Arkansas Residents Get the Benefits

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