This Study Shows the Severe Impact of Inflation on Global Consumers

Prices have been rising drastically over the course of this past year, and consumers are worried about it because of the fact that this is the sort of thing that could potentially end up making their income less valuable than might have been the case otherwise. First Insight has published a report that sheds some light on how inflation is impacting consumers in various markets, and it turns out that German consumers are the most fearful about how severe inflation might become in the future.

Around 86% of German consumers reported a lower than usual level of confidence with respect to spending and purchasing power. UK based consumes are also similarly unconfident with all things having been considered and taken into account, with a reported 83% of consumers feeling this way. With all of that having been said and now out of the way, it is important to note that American consumers are also feeling the burn, with 79% of them showing concerns about decreased purchasing power.

Other countries in Europe are reporting lower spending caused by inflation, with 84% in Spain and Italy saying the same. 67% of American consumers reported that their groceries are becoming too expensive, with 64% stating similar sentiments for gas prices

Interestingly, while 46% of German consumers and 43% of American consumers are feeling the sting of inflation while eating out, this number dropped to just 31% in France and the UK. This indicates that the inflation effects are not consistent across the board, with consumers in various countries feeling them in different areas.

US based consumers are using a variety of methods to combat the effects of inflation and reduce the financial burden. 40% are now trying to look for more discounts and deals while online shopping, and 42% are creating a budget and sticking to it. 29% of consumers have decided to cut their spending down to save money, and 22% are trying to buy items when they are out of season to take advantage of the lower price points with all things having been considered and taken into account.

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