During recessionary periods, customers become more price conscious, so it’s important for businesses to consider adjusting product offerings to fit changing customer tastes. (Credit: VectorMine/Adobe Stock) During recessionary periods, customers become more price conscious, so it’s important for businesses to consider adjusting product offerings to fit changing customer tastes. (Credit: VectorMine/Adobe Stock)

Unless you’ve been living in a cabin in the wilderness with no electricity or internet, you’ll have noticed that consumers and businesses have had a lot to contend with this year, including supply chain delays, increasing costs for energy and materials, rising rents and interest rate hikes.

Given that backdrop, it’s no shocker that the dreaded R-word keeps coming up in discussions about the economy. But the good news is that, so far, U.S. consumers are still spending money, according to Ben Johnston, who’s COO of Kapitus, a business-to-business service based in New York.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.