Fetch Rewards, America’s No. 1 consumer-rewards app, today released the July Fetch Price Index (FPI) report. The July FPI found consumer demand is continuing to plummet, down 6% year over year. While prices remain high, and are still rising in certain markets, consumers are unable to sustain increased spending levels Additionally, shoppers are increasingly more intentional in their purchase decisions, focusing on essentials.
The Fetch Price Index report is calculated using Fetch Rewards’ proprietary 24-month user panel ending July 2022. The panel comprised 421,770 users who snapped receipts for 24 consecutive months (July 2020-July 2022). A continuous shopper panel allows for year-over-year comparison and adjusts for Fetch Rewards’ user growth, reflecting true change in shopper behavior. Panel users contributed 242 million receipts across the reporting time range.
The FPI report found that consumer prices are up 13.3% in July compared to last year, and up from 12.5% in June. The Federal Reserve’s 0.75% interest rate hike in July was the largest since 1994, but was not enough to keep up with the acceleration of annualized consumer prices this month.
“Consumers are being faced with tough choices and we are beginning to see the true impact of the incremental increases in cost and how that’s directly changing shopping habits,” said Wes Schroll, Fetch Rewards Founder and CEO. “It’s essential for brands and retailers to understand the decisions consumers are faced with and how they can provide respite for their customers in order to maintain loyalty.”
The Fetch Price Index report was created to provide further context to the findings that are published monthly in the Bureau of Labor Statistics Consumer Price Index report. By reviewing shopper behavior at an 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 here to view the full report.