As inflation and economic uncertainty persist, consumers are adjusting their shopping patterns and adopting cost-cutting measures.
69 percent of global consumers have changed their non-essential spending habits. That’s according to PwC’s “February 2023 Pulse of Global Consumer Insights” report (PDF). PwC’s twice-yearly survey aims to monitor changing consumer trends around the world.
For the February report, 9,180 consumers were surveyed in 25 countries: Australia, Brazil, Canada, China, Egypt, France, Germany, Hong Kong SAR, India, Indonesia, Ireland, Japan, Malaysia, Mexico, Philippines, Qatar, Saudi Arabia, Singapore, South Africa , South Korea, Spain, Thailand, United Arab Emirates, United States and Vietnam.
Respondents were at least 18 years old and must have made at least one online purchase in the previous year.
The report distinguishes four segments of consumers:
The most pessimistic group (42%) expects a significant reduction in retail spending across all categories. For example, they are less likely to travel and are more likely to switch to more affordable brands or even give up certain products they usually rely on.
In 2023, consumers still prefer to shop in-store, with 43% of respondents choosing it as their most popular channel in the past 12 months. Online shopping using smartphones was recognized in second place at 34%.
Consumers want a blend of physical and digital experiences when shopping in-store.
When asked to prioritize factors that would improve their in-store shopping experience, 50% of respondents ranked access to knowledgeable and helpful salespeople as the top factor. Additionally, 42% of respondents strongly preferred to use self-checkout kiosks, while 41% preferred to use a retailer’s website or mobile app in-store to browse specific products.
The report also shows that 43% of consumers plan to increase their online shopping in the next six months.