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1、 2023 Boston Consulting Group1Global inflation and declining real wages have plunged consumers into a cost-of-living crisis.Many consumers in developed markets believe that their own country is already in recessionFive Pricing Moves for CPG in a Cost-of-Living CrisisJANUARY 03,2023 By Alla Dubrovina

2、,Jean-Sbastien Verwaerde,Clment Schaff,Daniel Tapiador de Pedro,IvanBantsekin,Arnab Sinha,and Annette de Jong 2023 Boston Consulting Group2and expect that inflationwhich hit 40-year-highs in major economies in 2022will remainelevated for the next two years.In response,consumers are changing their bu

3、ying behavior.They are spending more innondiscretionary categories such as gas,fuel,and utilities,and either spending less or tradingdown in the discretionary categories such as alcohol,fashion,and cosmetics.(See Exhibit 1.)They are looking for promotions,shopping online to get better prices,making

4、fewer trips to thestore,and reducing their leisure expenditures.A decline in real wages in 2022 is reinforcingconsumers negative sentiments,with the US and the UK reporting real wage declines of 3%and the European Commission forecasting similar declines for the euro area.Consumer packaged goods(CPG)

5、companies share a lot of this sentiment.More than two-thirds of the companies we surveyed in Q3 2022 expect the same trends to have a negativeimpact on their volume growth.(See“About the Survey.”)This poses an acute challenge to theway CPG companies generate their revenue growth:how can they find af

6、fordable ways tosimultaneously serve income-constrained consumers,grow their revenues,and protect theirmargins?In September 2022,BCG surveyed over 1,400 pricing decision makers in tensectors(automotive,building materials,chemicals,consumer packaged goods,fashion and luxury,machinery and industrial a