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68% of consumers cut back on non-essential spending

2023-02-16T11:18:07.548Z


50% of global consumers are "extremely" or "very concerned" about their financial situation and nearly seven in ten (68%) have decided to postpone (53%) or stop buying non-essential goods (15% ). (HANDLE)


(ANSA) - MILAN, FEBRUARY 16 - 50% of global consumers are "extremely" or "very worried" about their financial situation and almost seven out of ten (68%) have decided to postpone (53%) or stop buying non-essential goods (15%).

Luxury and high-end products, travel and fashion will be hit the hardest over the next six months by consumer spending cuts, while groceries are expected to be least affected.

It emerges from the 2023 PwC Global Consumer Insights Pulse Survey, which involved 9,180 consumers in 25 countries, according to which, the increase in prices and the shortages of raw materials have led to a change in the purchasing behavior of consumers, both online and in-store.


   With spending declining across all retail categories, consumers are rewarding products made in an ethical and sustainable way, therefore, the demand for local and sustainable goods remains high.

Also, they spend more time looking for cheaper alternatives.

Around half (49%) say they buy certain products when they're on sale, 46% seek out retailers who offer greater value, 40% use price comparison sites to find cheaper alternatives, 34% buy in stock to save money and 32% to buy "retailer brand" products to save money.

(HANDLE).


Source: ansa

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