From filling up your gas tank to buying groceries and other staples, chances are good you have experienced inflation.
And a new study reveals that while 84% of American consumers are feeling the direct impact of inflation, three in four consumers are still in favor of the recent sanctions placed against Russia.
Inflation has quickly impacted American consumers, with 73% of respondents making purchasing sacrifices due to high prices in specific areas. Even so, seven in 10 consumers are willing to further complicate their shopping at this time, sharing that they would boycott a product after learning it was produced in or imported from Russia, according to a news release.
“As many consumers are finding their money is not going as far at the pump and the grocery store, their decision to prioritize personal values over price speaks volumes,” said 5WPR Co-CEO, Dara A. Busch, the company that did the new study. “Our survey found 77% of consumers surveyed are more inclined right now to support Ukrainian brands and businesses with their purchases. Consumers are looking to make a difference where they can, and are looking at brands to provide that opportunity.”
Current events prove a make-or-break moment for brands to react. 71% of American consumers surveyed shared that a brand’s decision to cut off ties with Russia in support of Ukraine impacts their perception of the brand for the better.
“Our survey revealed that brand statements aren’t enough, consumers will see through them. Instead, consumers value and respond to tangible and meaningful actions from brands, such as cutting off business ties or donating to relief efforts. Brands who don’t make the right move will fall out of favor with consumers,” Busch added in the news release.
The research was conducted by 5WPR and Censuswide, with 2,000 respondents aged 18+ across the USA between 03.07.22 and 03.22.22. The survey was conducted by a nationally representative of American adults. Censuswide abides by and employs members of the Market Research Society which are based on the ESOMAR principles.
Source: 5W Public Relations