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  "documentTitle": "US consumers send mixed signals in an uncertain economy",
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  "notes": "The chart displays data from the McKinsey US Consumer Pulse Survey, highlighting a trend of consumers seeking value through various 'trade-down' behaviors.",
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      "text": "Consumers are trading down, looking for savings. Even though consumers are still spending, they're seeking value. Eighty percent of our survey respondents said they're changing their shopping behavior by trading down, compared with 74 percent of respondents when we last asked them in July 2022. Consumers are most frequently making changes in shopping behavior by altering the quantity or pack size of what they purchase or switching retailers to find lower costs. These trade downs are leading to growth in wholesale club and convenience store channels, where the spending CAGR is two or three times greater than other channels such as drugstores, grocery stores, or mass-market big-box stores. Similarly, consumers are spending more on private-label goods: according to Nielsen data, private labels' share of year-over-year sales growth among all consumer packaged goods grew from roughly 15 percent at the end of 2021 to 30 percent at the end of 2022.",
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      "text": "1Trade-down behavior includes one or more of the following: shopped from a lower-priced retailer; shopped from a lower-priced brand; bought private label; bought a brand using a coupon, buy now, or pay later; delayed a purchase; bought a larger-size pack for lower price; bought a smaller size or quantity; made more shopping trips in search of a discount. 2Low income = <$50,000; middle income = $50,000 to $100,000; high income = >$100,000. Source: McKinsey US Consumer Pulse Survey, Feb 24 to Mar 1, 2023, n = 3,973, sampled and weighted to match the US general population aged 18+",
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      "text": "More consumers than ever are seeking value by 'trading down.'",
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