Barrons: “Latest Trend: Trading Down” (no free online version): quoting a survey by WSL Strategic Retail as to whether consumers had stopped buying their usual brands in 14 cateogires becuase the price was too high:
“A full 45% of those surveyed said they gave up on thier favorite cosmetic because of price inflation. And 42% traded down on their perfume and magazines, or eliminated the purchases altogether.”