Rising prices are causing most consumers to be
less confident about spending both in the U.S. and Europe, according to Inflation’s International Impact, a study by First Insight.
Of the countries studied,
Germany now has the most concerned consumers — 86% are less confident, versus 83% in the U.K. and 79% in the U.S.
In the U.S., consumers feel the biggest impacts
when shopping for groceries (67%) and gas (64%). And 43% see inflation when dining out, second only to Germany, at 46%. In contrast, only 31% apiece feel it in the UK and France.
In
addition, 84% apiece are feeling the pinch in Spain and Italy.
In response to the situation, U.S. consumers are:
- Shopping for deals — 40%
- Staying within a budget — 42%
- Buying less overall — 29%
- Buying items out of season to save —
22%
- Shopping online more — 24%
- Using more coupons — 24%
- Utilizing cashback perks more —
21%
- Shopping more at outlet stores — 18%
- Purchasing more store brands/private label — 23%
U.S.
consumers feel they get the most value online (44%), supermarkets (26%), department stores (20%) and independent stores (10%).
What drives a shopper to buy on a website? In the U.S., it
is:
- Discounts — 71%
- Promotions — 50%
- Discount code sites —
19%
- Social media ads — 13%
- Influencer collaborations — 11%
- Newsletters — 7%
Meanwhile, many consumers are concerned about their income/current job situation
- U.S. — 48%
- U.K. — 48%
- France — 54%
- Germany — 54%
- Italy
— 63%
- Spain — 70%
First Insight surveyed 1,000 adults each in France, Germany, Italy, Spain, the U.K. and the U.S. in
September 2022.