Consumers are expecting to spend more on groceries, utilities and education this year, and less on out-of-home occasions, holidays and clothing, according to data from NielsenIQ.
Why it matters
Two years on from the start of COVID-19 and consumer spending is still undergoing major changes. This comes as the rise of online shopping becomes more important for brands – e-commerce is forecast to account for a third of retail sales in 2022. While more online data can enable more personalised products, balancing the channel with offline retail is fundamental.