The sharp rise in the cost of living continues to pose problems for Austrians and has an impact on shopping behavior. The majority of consumers have become more frugal and are switching more often to cheaper private labels.
Nearly a third of respondents in Austria said they were in a financial pinch. This is the second highest value since inflation rose about two years ago in the spring of 2022, according to the results of the current consumer survey, which is conducted every six months by the Gfk Consumer Panel, part of YouGov. 746 people in Austria took part in the study.
On average, 35 percent of households in the EU are currently in a difficult financial situation. Countries such as Spain, Hungary and Serbia are particularly affected, where approximately one in two households suffer from a lack of money.
The Czech Republic and the Netherlands are the least affected
The percentage of 45 percent is also well above the EU average in countries such as Italy and Croatia. Consumers in the Czech Republic and the Netherlands are currently least affected by financial bottlenecks at 21 percent each. Germany is also below the EU average at 26 percent, followed by Slovakia at 28 percent and Denmark and Austria at 29 percent each.
The research was conducted in the autumn of 2023. The British market and opinion research institute YouGov took over the GfK Consumer Panel (CP) in January 2024. In market research we speak of a panel when a defined group of participants, the so-called panel, is repeatedly questioned. Panel members receive rewards in the form of money and vouchers. According to YouGov, the results are representative.
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.
