Price Worries Drive Telematics Demand
Friday, January 20th, 2023 AutoWith high inflation and pandemic tendencies holding on, consumer preferences and buying behaviors have shifted over the past few years. They come with consequences.
The first is that almost all consumers -- 90% -- have noticed price increases in recent months, and they’re taking action. Many consumers are reducing their spending.
58% of consumers said they would cut back on non-food spending during the holiday season this past year. About 60% said they would buy fewer gifts for fewer people. As a result, gift spending was expected to drop by $30 billion in 2022.
Consumers are also changing their habits to save on staples like food and gas.
AAA reports that 64% of adults have changed their driving habits or have made lifestyle changes. Research from Cambridge Mobile Telematics shows that Americans with gas-powered vehicles drove less as gas prices increased in early summer.
