Global Consumer Trends: Staying Ahead of the Downturn
By: Eddy Goldberg
Published: November 22nd, 2022
According to a new study from Dynata, consumers around the world are tightening their belts as the global economy shows signs of teetering toward a recession.
“Global Consumer Trends: Staying Ahead of the Downturn,” draws on responses from 11,103 consumers across 11 countries — the United States, Canada, United Kingdom, France, Germany, Italy, Spain, the Netherlands, China, Japan, and Australia — from Aug. 1-8, 2022. Participants were selected across all Dynata’s online research panel assets, and the samples quota-controlled to reflect the population on age, gender, and region.
Here are four of the report’s major findings. Download the report here.
1. Consumer perception matters
- Nearly half of consumers globally (49%) “strongly” or “very much” believe we are entering a recession
- 56% say their country’s leaders aren’t doing enough to combat inflation
2. Many struggle to make ends meet
- 53% globally are struggling at least slightly to afford basic needs — especially energy and utilities, followed by food, basic clothing, and housing
- 65% of Britons have difficulty paying for energy and utilities
3. People are cutting consumption and buying secondhand products
- 67% have taken action to reduce spending. Top items to cut include leisure travel (61%), in-person entertainment (61%), restaurants (59%), and fashion (clothing beyond basic wardrobe (59%)
- 27% of consumers are buying secondhand products
4. When it’s worth paying more
- 1 in 5 “almost always” or “often” pay more for a brand, product, or service that represents their values; higher among Gen Z and Millennials
- 8 in 10 say they are likely to continue even if it costs more
Dynata is a first-party data firm serving more than 6,000 market research, media and advertising agencies, publishers, consulting and investment firms, and corporate customers in North America, South America, Europe and Asia-Pacific. Learn more at www.dynata.com.
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