Across the world, rising costs are causing anxiety and financial struggles for consumers.
The worldwide impact of inflation is affecting their outlook and behaviour. More than half of consumers globally are struggling financially because of inflation and the increasing price of fuel, housing and everyday goods. Russia’s war on Ukraine intensifies their concerns around supply-chain disruptions related to the pandemic, almost half say the war has influenced a recent purchasing decision.
As a result, having arrived at an “Economic Crossroads” themselves, people are deciding how to cope with inflation anxieties, and changing their behaviour in significant ways.
They’re becoming more cost-conscious, bargain-hunting, buying less on impulse and going out less. They’re becoming less brand loyal, as rising costs makes this luxury unaffordable. Over half also think it’s a good idea to stock up on what they need, due to potential supply-chain disruptions.
Rising fuel prices have caused 84 percent of drivers to change their behaviour — mainly by taking fewer car trips, but also traveling shorter distances and spending less in other areas. Inflation is boosting interest in “greener” vehicles: three in four consumers who currently have a vehicle are at least somewhat interested in getting an electric or hybrid vehicle next time.
Inflation is also causing consumers to manage their money differently. Compared to a year ago, 41 percent of savers are setting aside more today, and over one-third of investors have a more conservative allocation. When it comes to housing affordability, high costs lead 76 percent of consumers globally to believe it’s hard to find a place to live. Twenty-seven percent of workers are pushing retirement further in the future.
Rising costs are affecting Millennials more than any generation, with Gen Z not far behind. Millennials are the likeliest to be looking for deals. Gen Z and Millennials, both at 79 percent, are most likely to be saving money on a regular basis. More than a third of these groups aren’t confident they could afford to buy or rent a suitable home if they had to.
Dynata’s newest report, “Global Consumer Trends: The Economic Crossroads”, uses responses from over 11,000 consumers across 11 countries: the U.S., Canada, the U.K., France, Spain, Germany, Italy, the Netherlands, China, Japan and Australia to better understand how the evolving economic landscape affects consumer behaviour and its impact on businesses.
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