July’s Salvage Price Index report finds efforts to rein in inflation failing
Consumer demand continues to fall, while inflation rises
MADISON, Wis., August 9, 2022 /PRNewswire/ — Collect rewardsAmerica’s #1 consumer rewards app, today launched the July Extraction Price Index (REIT). The July REIT revealed that consumer demand continues to fall, down 6% year-over-year. As prices remain high and continue to rise in some markets, consumers are unable to sustain increased spending levels. Additionally, shoppers are increasingly intentional in their purchasing decisions, focusing on the essentials.
The Fetch Price Index report is calculated using Fetch Rewards’ proprietary user panel over 24 months. July 2022. The panel included 421,770 users who took receipts for 24 consecutive months (July 2020-July 2022). A rolling buyer panel allows for year-over-year comparison and adjusts for Fetch Rewards user growth, reflecting a real shift in buyer behavior. Panel users provided 242 million receipts over the reporting period.
The FPI report found that consumer prices rose 13.3% in July from a year ago, and 12.5% in June. The 0.75% increase in Federal Reserve interest rates in July was the largest since 1994, but was not enough to keep pace with the acceleration in annualized consumer prices this month.
“Consumers are faced with tough choices and we are starting to see the true impact of incremental cost increases and how this is directly changing buying habits,” said Wes Schroll, founder and CEO of Fetch Rewards. “It’s critical for brands and retailers to understand the decisions consumers face and how they can provide respite to their customers in order to build loyalty.”
The Fetch Price Index report was created to provide additional context to the results that are published monthly in the Bureau of Labor Statistics Consumer Price Index report. By examining shopper behavior at the item level, Fetch can capture, in real time, the true state of inflation and the impact on consumers, retailers and brands. The report is published monthly on the Fetch Rewards blog, Unleashed.
Click on here to see the full report.
About Collecting Rewards:
Founded in Madison, Wis.Fetch Rewards is the fastest growing consumer rewards app in the United States Since its launch in 2017, the Fetch Rewards app has garnered over 17 million active users who have submitted over 2 billion received and earned more than $300 million in loyalty points. The top-ranked app on the App Store and Google Play Store, Fetch Rewards has over 1 million five-star reviews from satisfied buyers. To learn more, download the free app and visit www.fetchrewards.com.
SOURCE Collect Rewards