How Inflation Impacts Multi-Location Brands
As you’d expect, consumer needs change depending on the economic climate. According to the U.S. Bureau of Labor, consumer prices have increased an average of from June 2021 to June 2022. This increase has influenced consumer shopping habits, which can, in turn, impact your multi-location business’s bottom line.
Let’s dive into how inflation can affect multi-location businesses and discuss how your brand can adjust its localized marketing efforts to align with consumer needs during this time.
During a time of inflation or economic turmoil, local search becomes very important. Recent data from SOCi has shown that rising gas prices have increased searches related to the category “gas and convenience,” as seen in the graph below. The most significant increase in search volume occurred from January 2022 to June 2022, when gas prices were at their highest.
Search results for “gas stations near me” or even a search as simple as “Chevron” revealed the closest locations for gas while also including the prices of a regular gallon. These search results indicate that consumers are searching for gas more frequently to see the prices ahead of time so they can make an informed decision on where to purchase.