Inflation is pushing consumers to trade down and hunt for value

Resumen detallado

A Bank of America Institute report found that while consumers are still spending as inflation stays high, they are seeking value in some categories.

As inflation remains elevated, spending habits have changed, especially for millennials. "Consumers are still spending, and they're adapting to inflation, but adapting is not the same thing as escaping it," Taylor Bowley, an economist at the Bank of America Institute, told Business Insider. "They're still finding ways to stretch their budgets by trading down where they have those choices." The Bank of America Institute created a spending tier composite using consumer spending data across four categories — apparel, dining, grocery, and travel — and the median incomes of shoppers at premium, standard, and value stores to examine changes in spending.

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