For the first time since the beginning of the cost of living crisis, there are signs of a turning point in consumer mentality. This is indicated by data from the Behavior Change Report by Consumer Panel Services GfK (CPS GfK).
From the COVID-19 pandemic to the war in Ukraine and the crisis in the Middle East, Europe has experienced a prolonged crisis in recent years, leading to uncertainties and triggering inflation. Still, results of the latest and sixth edition of the Behavior Change Report with data from the end of November 2023 bring encouraging news: For the first time since the beginning of the cost of living crisis, buyers seem to be seeing a silver lining on the horizon.
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Overall, fewer households across Europe are facing financial difficulties. However, 35% still report (compared to 37% in 2022) being in a budget pinch, led by Spain with 51%. German households, on the other hand, fare particularly, with a relatively small portion, 26%, report suffering from financial constraints.
However, economic worries still play a significant role in Germany. 32% report that these are among their top 3 concerns. Germany and the Netherlands are the only two countries in the survey where economic worries do not rank among the top 3 concerns.
Source: www.gfk-cps.com