New Hampshire (up 259%), Massachusetts (up 47%), Idaho (up 47%), Wisconsin (up 44%) and Colorado (up 42%) saw the largest year-over-year increase in inflationary experiences for home services, mainly within flooring, landscaping, movers, and HVAC categories. Home, local, professional and auto services also drove significant inflationary experiences across the U.S. Kansas (152%), Arkansas (128%) and Idaho (109%) experienced the most increased inflation mentions at bars and nightlife businesses, particularly at sports bars, cocktail bars, and dive bars. (up 135%), New Mexico (up 66%), Colorado (up 50%), Virginia (up 46%), and Pennsylvania (up 38%), experienced the highest increase of people talking about inflation. Whereas for hotels and travel, Washington D.C. The states that saw the largest year-over-year increase in inflationary experiences at restaurants include South Dakota (up 170%), Kansas (111%), Arkansas (81%), Wisconsin (59%) and New Hampshire (56%) – driven by cafes, seafood restaurants, breakfast and brunch spots, and buffets. Mentions of Inflation Have Increased in Nearly Every State States with the highest year-over-year increase in inflation experiences are South Dakota, Montana, Idaho, Arkansas and Nevada. Six of the top 10 states with the highest inflation experiences are in the Northeast, including Massachusetts, New York, Maine, Washington D.C., New Jersey and New Hampshire. In Q2 2022, 47 states (including Washington D.C.) saw an overall increase of inflation mentions in Yelp reviews compared to Q2 2021 – with 35 states seeing more than a 25% increase of inflation mentions. While nearly everyone is feeling the effects of inflation, it’s not always felt equally across the U.S. States are Expressing More Inflationary Experiences Than Others While inflation has been rapidly increasing since 2021, consumers have continued to experience inflation at an increasing rate in 2022 as mentions of inflationary language in Yelp reviews are up 7% in Q2 compared to Q1 of this year.Ĭonsumers Are Reporting Shrinkflation in Yelp Reviews for the First Time The top ten food and restaurant categories with the most mentions of “shrinkflation” in reviews A list of the top ten food and restaurantĬategories with the most mentions of “shrinkflation” in reviews In fact, in Q2 2022 mentions of inflationary language in Yelp reviews have increased by 28% compared to the same time period in 2021 and 33% compared to Q2 2020 – with inflation mentions increasing faster than ever before. While it’s expected the Fed will continue raising rates, Americans are already coping with increasing prices at restaurants, grocery stores, gas stations, retail stores, hotels and more. To counter skyrocketing inflation rates, in June the Federal Reserve increased interest rates by three-quarters of a percentage point. quickly increased above market forecasts to 9.1% in June of 2022, a 40-year high. Consumers Report Inflationary Experiences at Record Rates In the first half of 2022 they’re also waiting longer than ever to get a reservation at restaurants. Yelp data also found that while fewer consumers sought out higher-priced businesses than earlier in 2022, they’re still looking for high-priced businesses more than pre-pandemic. In Q2 2022, Yelp data shows consumers are experiencing inflation at record rates, with some states experiencing inflation more than others, and for the first time consumers are reporting experiences of shrinkflation in their reviews, as well as increasingly seeking electric vehicles in response to rising gas prices. To provide insight on the impact of these shifting circumstances on local economies, Yelp has regularly reported on how businesses operate and how consumers are reacting. However, the challenges facing local economies have been relentless – from an ever-changing pandemic with new variants regularly emerging, staffing shortages, supply chain issues, social justice and human rights inequalities, rapidly increasing inflation and rising interest rates, to name a few. When given the opportunity communities have come together to support and uplift one another under challenging circumstances. If the last few years have demonstrated anything it’s the resilience of local businesses, people and communities in the U.S. For more on the methodology for this report, click here.
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