In line with analyst forecasts, the level of inflation is close to +10% as we approach the end of the year. In a report dedicated to the strategy of Europeans to deal with this economic situation that worries them, the IRI institute evokes the hypothesis of a return to purchasing habits that consumers had not had since the end of the 70s/early 80s.
This is an observation that has not escaped anyone: life has been more expensive for many months. Inflation continues to rise since the firm NielsenIQ, which measures its effects and consequences, has just estimated it at +9.35% in October, compared to the same month in 2021.
Solutions for the most vulnerable households looking to limit expenses, low prices are the most affected with a cost increase of 13.48% in one year, compared to +12.16% for private label products and the +8.11% of national brands.
First-price pasta saw its price soar 34.5%, while the trend is +32.39% for frozen meat and poultry in the same category. The current situation “will undoubtedly force consumers to review the composition of their basket and brands in order to be creative (promotion) and adapt to lighten the increasingly salty note in their shopping cart,” says Nicolas Léger, customer service manager to the NielsenIQ analytical client.
To achieve this goal, it is necessary to rely on car distribution and discount stores, according to the advice of the analysis firm.
61% of Europeans are worried about the impact of inflation on their lives
Dans a riche rapport d’enseignements publié por la société d’analyses Iri, réalisé auprès de douze marchés mondiaux dont la France, l’Italie, l’Allemagne, l’Espagne, le Royaume-Uni et les Pays-Bas, on learning like buying habits that we had not adopted since the late 70s/80s could resurface if the situation does not improve.
In fact, 71% of Europeans say they have already changed their shopping habits. Nearly six in ten Europeans (58%) say they have reduce your essential expenseseven -for some- decide skipping meals… Behaviors that we had identified at the time of the economic crisis in 2008 are making a comeback, like dipping into savings, for 35% of European consumers.
According to Iri, the savings that Europeans had made at the time of confinement in the midst of a health crisis have been used up to cover the costs of a life that has become too expensive.
While price comparison is an unsurprising strategy (58%), 49% of European consumers specify also compare the packing quantity to aim for the best value for money.
For example, buyers prefer soap powder. At a time when expiration dates are considered a means of reduce food waste in removing those listed under dry goodsa significant part of Europeans (40%) trust look for discounted prices on expired products.
Popular during the health crisis, home cooking is once again a solution to eating well and cheaply. 49% of Europeans intend to use it. A trend that will restore the food basket for lunch as a habit, in particular for 34% of those surveyed.
Among the other surprising behaviors with a view to making ends meet, we noticed that some consumers have planned shower in the gym or in His workplace.
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