Consumers are shifting priorities toward value to stretch their dollars
Here is an interesting data from Google. According to the insights, people are still looking for small luxuries, but they are changing the way they spend their money to get the most value.
For example, as people continue to travel during the summer, they are searching for quality experiences that don't cost a lot. This is shown in searches including "hostels near me" and "last minute flights."
People are starting to act like they did before the pandemic. They are going out more and spending money on events and entertainment.
For example, they are searching for information about national museums and tickets that are on sale.
They also want to find free activities for their families, like going to kids eat free restaurants or finding parking where it is free.
Finally, people are still looking for affordable ways to live. They are searching for tiny homes for sale and cheap land for sale.
As you can see below, searches for "free parking" have grown over 80% from last year, indicating consumer's intent to find cheap parking to save their money.
What is concerning is people searching to find places where kids can eat for free. Such search has grown 70% year over year.
Change in how consumer behave and search for information online is a great indicator on how they are spending their money these days. With the rise in cost due to inflation, it is an alarming sign that people could be struggling to make ends meet as the economy sets back.
What do you think? Are you surprised by any of these shifts in priorities?
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