As inflation and economic uncertainty persist, consumers are adjusting their shopping patterns and embracing cost-cutting measures.
Sixty-nine percent of global consumers have altered their non-essential spending habits. That’s according to PwC’s “February 2023 Global Consumer Insights Pulse Survey” report (PDF). PwC’s twice-yearly survey aims to monitor shifting consumer trends worldwide.
For the February report, 9,180 consumers were polled across 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.
The survey respondents were at least 18 years old and must have shopped online at least once in the previous year.
The report identifies four consumer segments.
The most pessimistic group (42%) anticipates a considerable reduction in their retail spending across all categories. For example, they are less inclined to travel and more likely to switch to more affordable brands or even forego using certain items they typically rely on.
In 2023, consumers still prefer shopping in-store, with 43% of respondents choosing it as their most popular channel in the last 12 months. Online shopping via smartphones ranked second in popularity at 34%.
Consumers desire a blend of physical and digital experiences when shopping in-store.
When asked to prioritize factors that would enhance their in-store shopping experiences, 50% of respondents ranked access to knowledgeable and helpful sales associates as the top factor. Additionally, 42% of respondents expressed a strong preference for using self-service checkout kiosks, while 41% favored using a retailer’s website or mobile app in-store to browse for specific products.
The report also reveals that 43% of consumers plan to increase online shopping in the next six months.