Inflation Is Hitting Consumers Both In The U.S. And Europe, Study Finds

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%

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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. 

 

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