On average, 82 percent of consumers in France, Germany, Italy, Spain, the UK, and the US have less confidence to spend, according to a recent First Insight study.
With the holiday shopping season fast approaching, rising prices are negatively impacting consumer confidence. In terms of spending, apparel, footwear, and accessories are among the several categories that consumers are cutting back on.
The survey titled ‘The State of Consumer Spending: Inflation’s Impact on International Consumers’ was carried out by predictive analytics platform First Insight.
At least three-quarters of consumers in all six countries are less confident to spend, ranging from 75 per cent in France to 86 per cent in Germany. German consumers report the most significant inflation-induced change in their shopping habits and say they are shopping more for deals and staying within a budget. On average, 41 per cent of consumers surveyed feel that they get the best value by shopping online and receive the lowest value by shopping with independent retailers.