Loading...
20 July 2022 / Report
Email
Linkedin
Facebook
X
Copy Link|
This is one of a series of insight papers drawn from our latest wave of research into Multicultural Consumers in North America. For more insights into this topic, please visit: https://www.conference-board.org/topics/multicultural-consumer |
At a time of skyrocketing energy costs worldwide, a worsening global climate crisis, and geopolitical tensions, aggravated by major natural gas supplier Russia’s attack on Ukraine, our latest research on multicultural consumers finds that Americans recognize the need to change their energy consumption and promote the development of alternative energy sources. Yet, it also reveals the need for education on how to save energy.
Consumers tell us that car energy and home energy are among the three categories where rising prices most concern them, trailing only groceries. This can have ripple effects on other consumption categories. Given year-over-year inflation rates of 48.7 percent for gasoline, 74 percent for diesel, and 12 percent for electricity as of May 2022, it is no wonder that Americans are particularly worried about price hikes for car energy. In response to increased prices, as The Conference Board reported in a separate publication on a range of inflation coping behaviors, 27 percent of respondents say they are using their car less, and 9 percent use public transportation more. For example, to reduce car use, people
myTCB® Members get exclusive access to webcasts, publications, data and analysis, plus discounts to events.
