High inflation is being felt in people’s shopping habits, with nearly a third (30 percent) planning to limit their shopping overall. 75 percent want to pay more attention to offers when shopping, 59 percent want to switch to cheaper alternatives. An online survey by Johannes Kepler University in Linz among 1,100 people in Austria shows that 43 percent more will search the Internet for cheaper products and 20 percent more will order online.
Price sensitivity increases with age and household size. 69 percent of those surveyed already see price increases for many retail items (subjective). The older consumers are, the more often retail price increases are observed, experts from the university’s Institute of Trade, Sales and Marketing said Monday. The price sensitivity also increases sharply as the household size increases.
Groceries are very expensive
Consumers mainly notice price increases in food retail (92 percent), drugstore items (49 percent) and products from the construction and do-it-yourself sector (36 percent). Although the average price of fashion has only risen moderately in the first three months of 2022, about one fifth of consumers are already aware of price increases for clothing. On the other hand, price increases for toys, sporting goods, books and stationery reach “only” 12 percent of those surveyed.
Inflation is likely to continue rising
According to a quick estimate by Statistics Austria, inflation in Austria may have reached 7.2 percent in April – the highest value since the autumn of 1981. “Many people have to buy cheaper products because their household budget is tight. People must be able to afford it to Politicians must therefore do everything they can to ensure that food remains affordable,” AK consumer lawyer Gabriele Zgubic demanded on Monday.
Some 65 percent price increases
In March and April, the AK took a closer look at the prices of cheap drugstore, food and cleaning products and branded goods and compared them with the previous year. Individual products have become about 65 percent more expensive. According to the AK, a kilo of the cheapest, non-slip wheat flour cost an average of 0.41 euros in supermarkets and discounters in June 2021 and 0.67 euros in March 2022. The price difference was 40 percent for the rice studied and 63 percent for the shower gel.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
