Nearly two years of high inflation has caused many consumers to say goodbye to premium goods in favor of cheaper alternatives.
New research from Adobe Analytics, shared with CNN, spells out the scale of this trading-down trend playing out in online shopping. Across 11 categories of e-commerce, high-priced goods have lost meaningful market share to low-cost ones, according to Adobe. For instance, the most expensive quartile of personal care products held 31% of the market as of January 2019. As of the end of February this year, these pricier products make up just 7% of the market, according to Adobe.
“Consumers are having to down-shift and forgo certain premium products and instead go for the cheaper ones. In groceries, that means people shifting from organic fruit to non-organic fruit,” Pandya said. Prices for food at home increased by 10.2% over the last 12 months, according to the government’s February Consumer Price Index inflation report.
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