Business

Consumer Spending Habits Impacted By Russia-Ukraine War: Survey

5WPR, one of the largest independently-owned PR firms in the US, reveals that while 84% of American consumers are feeling the direct impact of inflation, three in four consumers are still in favour of the recent sanctions placed against Russia. Inflation has quickly impacted American consumers, with 73% of respondents making purchasing sacrifices due to high prices in specific areas. Even so, seven in ten consumers are willing to further complicate their shopping at this time, sharing that they would boycott a product after learning it was produced in or imported from Russia. "As many consumers are finding their money is not going as far at the pump and the grocery store, their decision to prioritise personal values over price speaks volumes," said 5WPR Co-CEO, Dara A. Busch. "We found 77% of consumers surveyed are more inclined right now to support Ukrainian brands and businesses with their purchases. Consumers are looking to make a difference where they can, and are looking at brands to provide that opportunity." Current events prove a make-or-break moment for brands to react. 71% of American consumers surveyed shared that a brand's decision to cut off ties with Russia in support of Ukraine impacts their perception of the brand for the better. "Our survey revealed that brand statements aren't enough, consumers will see through them. Instead, consumers value and respond to tangible and meaningful action from brands, such as cutting off business ties or donating to relief efforts. Brands who don't make the right move will fall out of favour with consumers," added Busch. The research was conducted by 5WPR and Censuswide, with 2,000 respondents aged 18+ across the USA between March 7-22.