As companies continue to raise prices to protect margins, consumer survey respondents reported they believe companies are “being predatory.'
As companies continue to raise prices to protect margins, consumer survey respondents reported they believe companies are “being predatory — using this moment of historic inflation to raise prices beyond their own rising operating costs.” And as trust dissipates, researchers from Deloitte say it’s “likely to come at a cost” with survey responses indicating consumers who believe companies are price-taking have weaker spending intentions compared to those who do not.
Globally, Deloitte’s survey saw 54 percent of consumers think that companies are at fault for rising costs, feeling they are rising prices beyond what is necessary to make up for rising operating costs in an attempt to increase profit. “There’s a clear lack of trust brewing,” said the authors of the report. “Whether or not businesses are price-taking is irrelevant. What matters is that people believe it’s happening.”
Looking at spending cuts, Deloitte’s data found consumers will look to more discretionary categories including recreation and entertainment, leisure travel, restaurants and some less discretionary categories including clothing and personal care. These categories, Deloitte said, may represent where demand will struggle amid inflation pressures.
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