An analysis by the University of Linz confirms the problems with inflation: 30 percent spend less, 75 percent look for special offers.
Every six months, about 1000 Austrians are surveyed online by the Institute for Trade, Sales and Marketing. High inflation, with prices rising sharply in some cases, has had a strong influence on purchasing behavior for a long time.
Three out of four respondents expect inflation to continue
30 percent of adults still indicate that they buy fewer goods. Three-quarters also expect it to become even more expensive in the coming three months. Only 15 percent can reduce other expenses to avoid saving when shopping.
Trading companies are also affected by price increases
“Companies are in a dilemma”, analyzes university professor Christoph Teller, “they want to counteract the negative consumer climate with campaigns and cheaper products. But low margins and rising costs do not allow them to generally ignore price increases.”
Initially, many consumers tried to find cheaper things on the Internet. A year ago, 43 percent tried it, now it’s only 29 percent. The best strategies (see image) are to look for promotions and select cheaper products. Inflation, which fell slightly in March, has not yet had an impact on purchasing behaviour. The inflationary crisis still has a firm grip on us.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
