Forecasting Consumer Behavior Trends During a Recession in 2023
A recession is coming, and consumer behavior is shifting in preparation for the downturn.
Prevedere’s economist team expects the economy may enter into a recessionary period soon and could extend through the second half of this year. Although the downturn may be relatively short-lived, consumers are already changing their habits in response.
Consumer behavior is leaning towards more sensitivity to prices. In addition, the economy may see the adoption of budget and price consciousness, leading to a trade-down effect across industries.
The report includes the following:
Tight labor market
End of COVID-era consumer benefits
Post pandemic behaviors
Three keys to forecasting in the second half of 2023
It will be critical for FP&A teams to have the right processes in place to monitor external indicators in real-time as new data is released, understand the impact these trends have on sales forecasts, and adjust planning accordingly.
Download the report to learn more.
About Prevedere, Inc.
Prevedere is the world’s leading provider of predictive analytics technology and solutions based on econometric modeling, enabling intelligent enterprises to understand and quantify the impact of external factors as part of their strategic planning and forecasting. Our global data repository and patented AI platform enable financial executives and operational planners to identify market drivers, quantify the future impact of economic volatility, generate performance forecasts, and optimize plans based on market foresight.
Prevedere’s automated AI model monitoring provides an early warning system when unplanned market shifts and anomalies are predicted, enabling planners to future proof business performance. Many of the world’s leading consumer packaged goods, retail, logistics, and manufacturing companies leverage Prevedere to generate economic intelligence, spot market opportunities, mitigate risks, and deliver exclusive competitive advantage.