Consumers: Optimistic yet Cautious
Overall inflation is starting to decline, as food and appliance prices stabilize. However, core inflation is continuing to impact consumers spending online. MikMak data indicates a YoY decline in eCommerce conversion rates, which coincides with inflation and interest rates continuing to rise. Consumers are spending, but they are spending on essentials. Our data shows the top items in shoppers' carts right now are items like bottled water, granola bars and press-on nails. It’s a further proof point that consumers are being more strategic about discretionary categories, and considering what they are willing to do on their own, like nails, versus paying for a service. This trend is likely to continue until inflation stabilizes.
Chief Executive Officer, MikMak
Optimistic yet Cautious