Jun 2, 2022
Flowers Are Affordable Pleasures During Inflation, CNN Reports

Consumers are holding back on purchasing pricey items as the U.S. dollar inflates, but flowers seem to be among affordable treats they are allowing themselves, CNN recently reported.

“They mostly stop spending on nonessentials, like eating at restaurants,” according to Parija Kavilanz of CNN Business. “But they do indulge in tiny pleasures like flowers and candles.”

Kavilanz noted recent statements by retailers Walmart, Target, and market information company NPD.

“There is a tug-of-war between the consumer’s desire to buy what they want and the need to make concessions based on the higher prices hitting their wallets,” said Marshal Cohen, chief retail industry advisor for NPD. “And consumers aren’t just buying less stuff, they are shopping less, which means a loss of the impulse-shopping moments that are critical to retail growth.”

In a recent NPD survey, consumers indicated plans to look for more promotions, seek generally less expensive items, or even cut back on purchases overall in the next three to six months.

“Marketers must be well versed in all the conditions influencing their retail channel, and their target consumer or they will risk missing growth opportunities,” Cohen said. “An appealing shopping environment, displays that make the product pop, and persuasive promotions are necessary to get more items into the basket when consumers do shop.”

Priya Raghubir, professor of marketing at NYU Stern School of Business said consumers spend on small luxuries like perfume even in a downturn, in what’s called the “lipstick effect,” according to CNN.

 

 




Latest Photos see all »

GPN recognizes 40 industry professionals under the age of 40 who are helping to determine the future of the horticulture industry. These individuals are today’s movers and shakers who are already setting the pace for tomorrow.
Erica Hernandez
Emma Lookabaugh
Melissa Maguire
Cole Mangum
Oz Marshall
Meagan Nace
Tiffany Nohl
Chris Plane
Mike Prol

GPN_0822_Cover_RGB
Get one year of Greenhouse Product News in both print and digital editions for free.

Interested in reading the print edition of GPN?

Subscribe Today »



Be sure to check
out our sister site.
website development by deyo designs