Across the world, rising costs are causing anxiety and financial struggles for consumers.
Rising fuel prices have caused 84% of drivers to change their behavior — mainly by taking fewer car trips, but also traveling shorter distances and spending less in other areas. Inflation is boosting interest in “greener” vehicles: three in four consumers who currently have a vehicle are at least somewhat interested in getting an electric or hybrid vehicle next time.
Inflation is also causing consumers to manage their money differently. Compared to a year ago, 41% of savers are setting aside more today, and over one-third of investors have a more conservative allocation. When it comes to housing affordability, high costs lead 76% of consumers globally to believe it’s hard to find a place to live. Twenty-seven percent of workers are pushing retirement further in the future.
Rising costs are affecting Millennials more than any generation — with Gen Z not far behind. Millennials are the likeliest to be looking for deals. Gen Z and Millennials — both at 79% — are most likely to be saving money on a regular basis. More than a third of these groups aren’t confident they could afford to buy or rent a suitable home if they had to.
Dynata’s newest report, “Global Consumer Trends: The Economic Crossroads,” uses responses from over 11,000 consumers across 11 countries — the U.S., Canada, the U.K., France, Spain, Germany, Italy, the Netherlands, China, Japan and Australia — to better understand how the evolving economic landscape affects consumer behavior and its impact on brands.
The MaCorr Team (www.MaCorr.com)