In a recent study, market insights firm GfK shed light on the shopping behavior of European consumers in light of rising living costs and inflation. 93 percent of consumers in Europe have already adjusted their purchasing habits as household budgets are becoming tighter, according to the GfK comparison of 15 countries in Europe. In Europe’s largest market, Germany, this affects the majority of consumers, at 89 percent. More than half of those surveyed say that this is not a voluntary decision, but that rising prices are forcing them to limit their spending.
The GfK survey focuses on savings behavior in the food sector. Nevertheless, one noticeable figure stands out: 50 percent of the Germans surveyed are reaching for cheaper store brands. In addition, 46 percent of Germans are eating out less frequently. Fewer restaurant visits actually tops the list in many parts of Europe: In Italy, 58 percent, and in Austria, 61 percent of consumers now do more of their cooking at home.
47 percent of Germans say they are taking shorter or fewer showers or baths. In addition, 28 percent of consumers save money by using their technical household appliances less. More than a third of consumers (36 percent) are switching to energy-saving measures such as washing at lower temperatures. In Europe, this trend is particularly strong in Italy and Denmark. In countries like Sweden, where electricity costs have risen less sharply, only 20 percent have switched to energy-saving programs.
