You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Savanta Consumer Compass Europe <strong>Q3</strong> <strong>2023</strong><br />
Summary<br />
1. Impact of inflation remains high across necessary spend categories (e.g., grocery, bills) so<br />
consumers continue to cut back and deprioritise spending on non-essential sectors.<br />
Across markets, all non-essential sectors fall in to the deprioritised or sacrificed categories highlighting that<br />
consumers are continuing to cut back on spending and change their behaviours.<br />
Inflation impacts grocery the most, presenting an ongoing challenge for supermarket retailers.<br />
2. Eating out and fashion continue to suffer the most, with both of these categories being<br />
sacrificed. However, frequency isn’t necessarily shrinking as consumers spend more<br />
strategically.<br />
These two sectors have seen the highest proportion of consumers reducing their spend across markets but<br />
frequency of spend is still relatively high; 3 in 5 are eating out on a monthly basis, whilst just under two thirds are<br />
making fashion purchases at least every other month, demonstrating there is still appetite within both of these<br />
sectors.<br />
Consumers have adapted and become savvier in their ways of spending e.g., second-hand clothing has become a<br />
popular solution to tackling climbing prices on the high street.<br />
3. Price and value remain the biggest purchase drivers as consumers continue to face economic<br />
challenges, but other factors can be leveraged by brands to encourage consumers to spend<br />
with them.<br />
Brands can look outside a narrow focus on prices, promoting instead the quality and durability of their products to<br />
drive value for money perceptions amongst consumer.<br />
31
Change language