Greg Petro, CEO of First Insight was interviewed on Bloomberg to discuss our latest inflation report, The State of Consumer Spending: Inflation Impact Fueling Recession Fears. The current economic conditions are having a negative impact on consumers with 79% believing we are or will be in a recession, 2/3 worrying about food costs, and nearly half fearing food shortages.
"It's clear consumers are cutting back on some of the services and/or experiences as they look at some of the compounding of expenses. How the behavior of consumers is changing is now looking at brands and shifting to private labels that have a quality factor for that price." - Greg Petro