• Skip to main content
  • Skip to secondary menu
  • Skip to footer

OPINT

OPINT stands for Operational Intelligence

  • About
    • GDPR
  • Sponsored Post
    • Make a Contribution
  • Job Board
  • Contact

European Shoppers Cut Spending Despite Easing Inflation, BCG Survey Finds

October 22, 2024 By admin Leave a Comment

A survey conducted by the Boston Consulting Group (BCG) reveals that European consumers are scaling back their spending, even as inflationary pressures have started to ease. Based on responses from over 7,000 participants across Denmark, France, Germany, Sweden, and the UK, the findings highlight how 73% of consumers experienced higher prices for goods and services in the first half of 2024. However, with wages and savings failing to keep pace, 25% of respondents reported income reductions, and 28% saved less during this period.

As a result, consumers are cutting nonessential spending, with categories like apparel (-20%), snacks (-15%), and alcohol (-15%) experiencing the most significant declines. Luxury fashion, however, saw more resilience, attributed to two distinct consumer segments: one group reducing spending by 35%, while a second, higher-income group increased purchases by 22%, focusing on premium products.

Despite financial pressures, consumers reported more concern about national issues—such as the economy and political instability—than about their personal situations. While only 25% expressed pessimism about their financial security, 57% worried about their country’s political situation, and 49% were concerned about the economy. Regional differences were notable, with Nordic consumers showing greater optimism, while French respondents were the most dissatisfied with national matters.

Sustainability emerged as a relevant but secondary concern, with 40% considering environmental factors when shopping. However, only 19% of respondents indicated a willingness to pay more for sustainable products, prioritizing value, practicality, and convenience over environmental concerns.

Though online browsing has become integral to the shopping process, physical stores remain the favored choice for European consumers. Shoppers in France and Germany, in particular, continue to prefer in-person purchases for groceries, beverages, and household items.

BCG’s Andreas Malby emphasized the importance of localized strategies and dynamic pricing to attract price-sensitive consumers. Retailers must move beyond simple discounts and develop a deeper understanding of customer behaviors to remain competitive in the current economic climate.

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Footer

Recent Posts

  • “Buy” Recommendation: Cloudflare Positioned for Sustained Growth and Profitability
  • Navigating the Expanding World of Cybersecurity with CybersecurityMarket.com
  • A New Front Opens: North Korea Joins Russia’s War Effort
  • South Korea’s Innovation Showcase: 24 Startups Take Center Stage at TechCrunch Disrupt 2024
  • Spain’s Digital Nomad Visa: A Gateway to a Work-Life Adventure in the Sun
  • Smartoptics enters long-term partnership with US technology solutions provider WIN Technology
  • The Ever-Present Challenge: Why Cybersecurity Remains a Critical Concern
  • European Shoppers Cut Spending Despite Easing Inflation, BCG Survey Finds
  • APA Poll Reveals Future of Nation, Economy, and 2024 Election as Leading Stressors for Americans
  • Gartner Identifies the Top 10 Strategic Technology Trends for 2025

Media Partners

  • Cybersecurity Market
  • Media Partners
Guardz Raises $56M Series B to Scale AI-Native Cybersecurity Platform for MSPs and SMBs
Forcepoint Accelerates Data Security Evolution with Acquisition of Getvisibility
Stratodesk Advances Industrial Automation with Secure NoTouch OS for IIoT
Knocknoc Raises Seed Funding to Scale Its Just-In-Time Network Access Control Technology
Styx Intelligence Secures $2.7M Seed Funding, Pioneering AI-Powered Digital Risk Protection for Enterprises
BreachRx Raises $15 Million to Transform Cyber Incident Response
Criminal IP to Showcase Advanced Threat Intelligence at RSAC™ 2025
Arsen Introduces AI-Powered Phishing Tests to Improve Social Engineering Resilience
Veza Secures $108 Million in Series D Funding to Redefine Identity Security
INE Security Alert: Top 5 Takeaways from RSAC 2025
Photo Contest
Sharp Knife
Virtual Travel Guide
Passerby
Opint
Renewability
VPNW
Nameable
Briefly
App Coding

Media Partners

  • Defense Market
  • Media Partners
Resecurity Unveils Advanced Government Security Operations Center (GSOC) at NATO Edge 2024
The World Defense Show is returning for its second edition from February 4-8, 2024 in Riyadh, Saudi Arabia
France Unveils Next-Generation Nuclear Aircraft Carrier Design
V2X Secures $103 Million Contract for U.S. Navy C-26 Aircraft Maintenance
Leonardo DRS Awarded $26 Million Contract from NAVSEA for AN/SPQ-9B Radar Services
Israel Ministry of Defense Signs Over $23 Million Deal with Ashot Ashkelon for Merkava Tank and Namer APC Components
Saronic Secures $175 Million in Series B Funding, Reaches $1 Billion Valuation
Smiths Detection to Supply Noida International Airport with Advanced Security and Screening Technology
AeroDef Manufacturing 2023: Leading Aerospace and Defense Manufacturing Event, November 7 – 9, 2023, Long Beach Convention Center, California
ASNE Fleet Maintenance & Modernization Symposium, September 17-19, 2024, at the Virginia Beach Convention Center
Press Media Release
Syndicator
Side Hustle Art
ZGM
MSL
Agile Soft Dev
Calendarial
Peppers
VPNW
MKTG Dev

Copyright © 2022 OPINT.com