By inflation her Eurozone we hope to reach 10.7%, despite the constant increase in interest rates from ECB and with European incomes stagnating, the consumers of the Old Continent are forced to deprive themselves of what they do not consider absolutely necessary. Punctuality drastically reduces their purchasing power, and in order to save money needed for heating, food and basic necessities, Europeans are now drastically cutting back on going to the movies, buying cars and staying in hotels. At the same time, polls show consumer confidence is plummeting as economists and financial institutions warn that most European economies are heading into recession. Their estimates are supported by the latest growth data, which shows the eurozone slowing down in the third quarter, with its GDP growing just 0.2% from the immediately preceding quarter. The development was expected but marks a slowdown from the 0.8% growth recorded in the second quarter.

As Klaus Wiestesen, an economist at Pantheon Macroeconomics, commented in the Financial Times, the latest inflation data is “a nightmare for the ECB” as it marks the twelfth consecutive month that the index has soared to a record level for the eurozone.

Inflation in Italy jumped to an alarming higher-than-expected level of 12.8%, while Europe’s largest economy, Germany, hit 11.6%, according to data released yesterday by Eurostat. Therefore, it is not surprising that the first and third economies of the eurozone recorded a decrease in purchases of movie tickets in September and October, as, however, also happened in France and Spain. After all, according to a study by ENTSO-E on behalf of Barclays, for the week ended October 22, natural gas consumption in the three largest economies in Europe, Germany, France, and Italy decreased. by 15% compared to the 2017-2021 average. Notably, growth accelerated slightly in Germany in the third quarter, but slowed sharply in the other three largest eurozone economies, France, Italy and Spain.

In Britain, after all, a sharp decrease in cinema tickets by 59% compared to pre-pandemic levels in the corresponding period of the year was recorded. And it was not the biggest acceleration in prices that occurred in these countries. In the Netherlands, inflation reached 16.8%, in Slovakia – 14.5%, and in the Baltic countries jumped a dizzying 21% for European data. Something similar happened in October with overnight stays in hotels as well as accommodation rented through short-term rental platforms. According to the Financial Times, the number of overnight stays has decreased not only compared to the summer months, but also compared to the corresponding level in 2019, according to travel company Sojern. Similarly, AirDNA, which tracks and registers short-term rentals through platforms like Vbro and Airbnb, highlights that the recovery in tourism “stalled” in September, with overnight stays falling below pre-pandemic levels. Something similar happens with booking tickets for future trips.

Germany, France, Italy and Spain see a decline in movie ticket purchases in September and October.

After all, overall consumer spending across the EU rose 9% in August compared to the same month last year, but the amount of goods bought by Europeans was 1% less. In crisis-ridden Britain, consumers spent 4% more than in August 2021 but bought 7% less. Purchases of petrol or diesel for driving vehicles in the UK fell 1.3%.

Over the past 12 months, in all countries of Western Europe, car sales have fallen by almost a third. The image is clearly sinister. As Ken Watertt, head of European analysis at S&P Global Market Intelligence, commented, “energy cost constraints will lead to a short but sharp recession.” The economist predicts that eurozone GDP will shrink by one percentage point between the last quarter of this year and the first quarter of 2023.