Global News and Digital Insights
for the Consumer Goods Industry

European Consumer Plus Survey shows the worries of consumers regarding rising prices

ConsumerGeniuses

ConsumerGeniuses

The rising prices after the pandemic have become the chief worry of consumers and their focus has shifted to budgeting. European Consumer Pulse Survey held on June 8–12, 2022 reveals that certain trends dominate across France, Germany, Italy, Spain, and the United Kingdom. It analysed 1000 people. When asked about their biggest concern, 53% of European consumers including 2/3rd of the UK population answered rising prices with the Ukraine invasion coming second. This is a 7 to 10 percent point rise from April. Millennials and low-income groups were the chief worriers. 58% of respondents believed their country to be in a bad economic situation with 38% pessimistic that it would remain that way. Supply-related risks and recovery were their greatest worries. 93% claimed to have observed price rise in items they often buy regularly including groceries, food, gasoline, and energy. Around half the people have reduced their savings money, also buying smaller quantities and delaying purchases. 74% of people claimed to have changed their shopping behaviour by switching their brand or retail shop for lower costs. The shift is most apparent regarding household products, snacks, confectionery, and frozen foods. Discounters are benefiting the most in this time. Except for Gen Z, consumers have no plans of treating themselves, with baby boomers being the most cautious.

Read more from McKinsey

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn