Almost three quarters of them European consumers cut spending on everyday items, including food, to make ends meet amid the deepening economic crisis the cost of living. According to new research in six key markets across the Old Continent, 71% of consumers have already made significant changes to the way they shop in an attempt to cope with inflation, which has skyrocketed to unprecedented levels in the past 40 years. A report from data analytics and market research firm IRI also found that 58% of consumers already say they have cut spending on essentials, and 35% are turning to their savings and banks to get credit and pay bills. “It is clear that consumer willingness to spend is suffering and this trend is likely to worsen as further price spikes are possible due to high production costs and volatile energy prices,” said Ananda Roy, IRI Vice President for Energy. global affairs.

71% of consumers have already made significant changes to the way they shop due to inflation.

Rising food, fuel and electricity prices are draining household budgets across Europe, and delays in power supplies from Russia are forcing households and industry to brace for possible power outages this winter. Across the continent, consumer confidence remains near historic lows as fears grow that the eurozone is heading for a recession. The severe “inflation fatigue” faced by European consumers is forcing them to adopt a variety of coping tactics, which, Ananda Roy points out, were last used during the austerity years of the 1970s and 1980s. , buying goods and goods under their own brands on sale or at a reduced price, as well as goods that have expired. While non-seasonal products that are available all year round may still be available to affluent customers, the range of products offered by supermarket chains targeting middle and low income groups will be significantly reduced.

Changes occur not only in purchases during the week. Just over half of Europeans in an IRI study of 3,000 people said they planned to order less frequent home delivery, and 47% said they would limit their visits to restaurants, bars or cafes. With no signs of deflation in the near term, retailers and consumers will have to continue to adjust. “There are many difficult decisions that consumers will have to make, and retailers and brands will have to get serious about how to meet their needs,” Ananda Roy concluded.