NEW YORK—A new report shows that it’s not just lower-income consumers who are trying to stretch their dollars as inflation continues.
Nearly three out of four adults are “trading down,” meaning trying to reduce spending in areas such as groceries, according to a new survey of 4,000 people by consulting firm McKinsey, Fortune reported.
Sixty percent of respondents said they’ve reduced the amount of items they buy, while 44% have delayed a purchase. And 37% have switched to shopping at cheaper retailers or are more likely to seek discounts, according to the report.
“Wholesale clubs are doing quite well,” Kelsey Robinson, a partner at McKinsey told Fortune. “Folks are going there and doing intentional value-based shopping. And I think you see that in their most recent quarterly results, too.”
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