5WPR Releases 2022 Consumer Culture Report

NEW YORK, Jan. 26, 2022 /PRNewswire/ -- 5W Public Relations, one of the largest independently-owned PR firms in the U.S., has released their third annual report which takes a look at consumer spending culture, the biggest influences behind buying behaviors, and emerging trends. Insights revealed within the report assist brands in understanding current consumer reasoning, while also unlocking patterns and trends that allow brands to prepare for the upcoming year. The third installation of the report shares insights on consumers' desire for convenience, the return to a new brick-and-mortar shopping experience, and an overall look at the current state of the industry two years into the ongoing global pandemic.

Having just entered the workforce, 42% of consumers aged 16 to 24 responded they are selective about spending their disposable income on goods and services, making them the most reserved age group when it comes to splashing their cash on non-essentials. Consumers aged 55+ have the least interest in treating themselves entirely, with 43% responding they only spent their disposable income on necessary goods and services. Alternatively, consumers aged 25 to 34 are the most likely to treat themselves, but aren't doing so overwhelmingly, with 38% responding they spent most of their disposable income on goods and services. 

"Millennials are the generation most likely to spend disposable income and the desire to splurge is up across the board from 2021," said 5WPR Founder and CEO Ronn Torossian. "The only category that saw a downward trend this year is splurging on travel—less than 2% from 2021—and more than half of consumers prefer to find new products in-store."

When it comes to making their purchases, 58% of consumers said when they need it is overwhelmingly more important in the decision-making process than the 29% who said where they will buy it drives their decision.

"These insights reveal an entirely new consumer landscape and one that's incredibly difficult for both established and emerging brands to crack," said 5WPR Consumer President, Dara A. Busch. "In comparison to our first survey in 2020 when young consumers were overwhelmingly ready to purchase an item the first time they saw it if they liked it enough, we're seeing consumers who are more timid. It is our job as an agency partner for consumer brands to get to the bottom of these insights and assist brands in better crafting their messaging to connect with these consumers."

While consumers are holding on tight to their hard-earned cash, they seem to be consistently shopping. 67% of consumers aged 16 to 24 admit to participating in passive shopping over the past year, while they're on a Zoom, scrolling Instagram, and even while reading the news. Men participated in this shopping activity 10% more than women (48% compared to 38%), and more than half of the consumers (52%) in the Northeast admit to passive shopping, more than any other geographic location surveyed.

5WPR's Third Annual Consumer Culture Report is now available on the 5W website. Download the report for a deeper look into trends and insights for the year ahead.

As a leading consumer PR firm, and an award-winning digital agency, 5WPR is committed to being a trailblazer in the industry and providing clients with the most up-to-date insights. The information gathered from the report will guide strategy, planning, and execution of consumer and digital client campaigns in the upcoming year.

The research was conducted by Censuswide, with 2,002 respondents aged 16+ across the USA between 11.18.21 and 11.22.21. The survey was conducted from a nationally representative of American adults. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.

About 5WPR

5W Public Relations is a full-service PR agency in NYC known for cutting-edge programs that engage with businesses, issues and ideas. With more than 250 professionals serving clients in B2C (Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, Nonprofit), B2B (Corporate Communications and Reputation Management), Public Affairs, Crisis Communications and Digital Marketing (Social Media, Influencer, Paid Media, SEO). 5W brings leading businesses a resourceful, bold and results-driven approach to communication. 5W was awarded 2020 PR Agency of The Year and CEO Ronn Torossian, was named 2020 Entrepreneur of the Year by the American Business Awards.

Media Contact
Ronn Torossian
[email protected] / 212-999-5585

SOURCE 5W Public Relations