Consumers in Europe have not digested the high inflation of recent years. According to a survey, more than half of Europeans see black when it comes to the economy in their home country.
The result of high inflation: many consumers want to save more and look for a bargain. In all countries investigated, the most important purchase criterion for products is the price-performance ratio. This is demonstrated by a survey by the Boston Consulting Group (BCG) among 16,000 people in nine European countries.
Even with products such as about -the -counter -medication, more than half of consumers ensure cheap offers, according to the survey. Three -quarters of consumers are even ready to change the brand for clothing and household appliances if the prices are too high.
Expert: Consumers underestimate trade conflicts
“Consumers focus on visible inflation as underestimating how strong trade conflicts can have participation in prices and offering,” said BCG consumer expert Karin von Funck on Tuesday. In the survey, only 30 percent of Europeans described geopolitical risks as a reason, although the survey in April collected mass special rates against almost all trading partners.
Consumers give less
Consumer ‘restraint also influences the costs. Only in a single category was the proportion of consumers that increased their expenses greater than the person who brought them back: household articles, including food and domestic care.
At the same time, Europeans have spent less money on non-basic consumptions in the last few money. According to the survey, the opposite trend will spend more on vital goods and less for non-basic consumer goods in the coming months.
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.
