Energy and food in particular have become significantly more expensive in recent months. Many people therefore only spend money on essentials.
According to a recent survey, high inflation is causing people around the world to tighten their belts. In a survey conducted in 25 countries, more than two-thirds (69 percent) of respondents said they had cut back on their non-essential spending, management consultancy PwC reported on Friday. 15 percent stated that they no longer spend any money at all on products that they do not really need.
According to the survey, purchasing behavior in Germany also changed significantly, but not quite as dramatically as the average for the 25 countries. Here, every second person surveyed (54 percent) stated that they would tighten their belts. According to their own statements, one in five (19 percent) has even stopped buying non-essential products altogether.
According to the survey, around 46 percent of consumers in Germany (worldwide: 50 percent) are currently concerned about their own financial situation. Therefore, many people in the Federal Republic want to save in the coming months – especially in electronic devices (47 percent) and clothing (44 percent).
Consumers are increasingly buying special offers
“With an inflation rate of currently 8.7 percent and food that has become 20 percent more expensive in one year, many people have to change their private consumption,” said PwC retail expert Christian Wulff. Retail is also feeling the effects. According to the survey, special offers and private labels are currently in particularly high demand.
“The increased use of special offers and private labels was already noticeable in the sales of German retailers in 2022,” said Wulff. According to a PwC forecast, the market share of own brands could grow by around one percent in 2023. That corresponds to a shift of around 1.8 billion euros in market volume, said Wulff.
PwC surveyed a total of 9,180 people in 25 countries from Australia to Vietnam for the regularly conducted “Global Consumer Insights Pulse Survey” – including 504 people in Germany.