New data from “Staying Ahead of the Downturn” reveals widespread financial struggles for many, amid economic uncertainty, as 49% believe a recession is imminent
Dynata, the world’s largest first-party data platform for insights, activation and measurement, released the latest installment of its Global Consumer Trends series, “Staying Ahead of the Downturn.” Uncovering the struggles of many consumers, who face myriad waves of financial obstacles — not the least of which is an uncertain future — the new research reveals how global consumer behaviors are shifting. Businesses must take note of these changes to stay ahead of the economic downturn.
Using responses more than 11,000 consumers in 11 countries, Dynata’s “Global Consumer Trends: Staying Ahead of the Downturn” sought to better understand how the evolving economic landscape is affecting consumers’ behavior and impacting brands.
Key findings include:
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 to pay 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\
Read More: Amid Economic Uncertainty, Retailers Must Drive Personalized Experiences to Increase Conversions