U.S. Mid-Year SMB Consumer Outlook 2022 - NIQ

U.S. Mid-Year SMB Consumer Outlook 2022


U.S. Mid-Year SMB Consumer Outlook 2022

2022 has been a year rife with both challenges and growth opportunities depending on your industry and market. But, the consumer outlook is trending in one direction.

The latter half of the year looks to continue to provide a rocky road for growth, and American consumers are showing signs of exhaustion. For a small or medium-sized CPG company, these trends can hit harder than larger brands that have more capital set aside to weather the storm.

But, is there still an opportunity for growth?

Keep reading to learn more about the current state of SMBs, how consumers are feeling about the economy, and how this is impacting business growth.

family paying bills or shopping online

2022 Consumer Outlook

According to the latest NielsenIQ consumer survey, Americans are losing confidence for a variety of reasons. One topic is at the top of most consumers’ minds this year: Inflation. Inflation is impacting every industry and causing many consumers to question their spending habits. They are faced with a weakened dollar, increased costs, and a lack of disposable income.

Unfortunately, these concerns directly impact shopping behaviors and consumption habits for the foreseeable future. From skimping on luxury goods to swapping name brands for private labels to using coupons regularly, consumers are trying everything. This means many brands are going to have to change their messaging and meet consumers where they’re willing to spend.

Top 5 Consumer Concerns

There are a number of factors that influence the demand of consumer goods and consumers aren’t all concerned about the same challenges. So, your brand may need to react differently depending on your market. To better understand the consumer mindset, NielsenIQ has identified the top consumer concerns mid-way through 2022.

Here are the five top consumer concerns that are impacting U.S. SMB sales:

SMB Growth Opportunities

Luckily, the outlook isn’t all negative. Consumers are affirming that they intend to spend their disposable income in various ways going forward. For example, 40% of consumers surveyed believe they will increase their grocery spending going forward and 42% expect it to remain the same. This shows that consumers are expecting to shift spending back to the grocery store and provide much-needed relief to CPG grocery brands.

The key to growth lies in the data. Identifying which products and attributes are trending, what consumers are actively seeking, and which retailers are best to work with are key. Investing in a data platform like Byzzer to research your consumers will pay dividends.

Keep Growing with the Right Analytics Solution

COVID-19, inflation, and more are still on the minds of U.S. Consumers. To better protect your business and continue to grow, you need to know the types of data your brand should be measuring.

Byzzer Analytics lets you get deeper insight into product sensitivity and positioning. From pricing, promotion, and assortment data to attribute-level data and our best-in-class Brand Score tool, you’ll never be caught unawares. Even better, this data is all backed by the power of NielsenIQ.