26 April 2023
65% of Spaniards have reduced the budget that they dedicate to the consumption of non-essential products, while 13% have completely stopped it, as a result of concern among consumers about the evolution of prices. The report ‘Global Consumer Insights Survey 2023’, prepared by the consulting firm PwC, highlights that 49% of the Spanish population decided to reduce their spending on fashion. Report by CueroAmérica.
Specifically, the growth of inflation, as the study has detailed, is “substantially” changing the purchasing habits of consumers in the world. And in Spain, 96% of those surveyed, globally, expect to take some type of savings initiative in the next six months.
Along the same lines, five out of ten of those interviewed have declared themselves “very” or “extremely” concerned about the current economic context and its impact on the cost of living and on their domestic finances.
Likewise, PwC has stressed that consumers plan to explore other types of habits, such as buying only certain products when they are on sale or when there is a special offer, and looking for other cheaper alternative brands of items they buy regularly.
49% of Spanish respondents expect to reduce their spending on clothing items, while 47% on electronic products and 46% on home entertainment.
Regarding the purchase channels preferred by consumers in the last twelve months, the report has revealed that, after the pandemic, purchases in physical establishments have rebounded to continue being “the most popular” for 36% of Spaniards, who come to them weekly and daily.
The study has considered the opinion of users about their preferences for the shopping experience in the physical store to improve, since they consider that it has to be enriched through digital technologies, called “digital”, according to PwC.