Rising prices are causing European consumers to cut back on sustainable choices

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Photo of STOCKHOLM, Nov. 24, 2022 /PRNewswire/ — Intrum’s annual European Consumer Payment Report, published today, presents a worrying picture of the lives of consumers in Europe and the state of the economy. Due to rising commodity prices, consumers are cutting back on fixed goods and services to manage household finances.

The report of the Intrum European Consumer Payment Report (ECPR), where 24,000 European consumers talk about payment systems and their financial outlook, shows that the high cost of living has caused concern, forcing consumers to investigate. more to save cost.

Two out of three respondents (67 percent) said they want to buy more goods and services, but the rising cost of living makes it difficult for them to do so. Six out of 10 consumers are changing their spending habits and a similar proportion is that, due to inflation and the rising cost of living, they are now struggling to pay for regular purchases. Ninety percent of respondents who have changed their behavior say they plan to shop more at discount stores in the next year, rising to 70%. Romania and Denmark.

Some of the sectors we can expect to see affected by changes in consumer spending are non-profits and charities, with one in five of those who have changed their spending habits saying they will give less to charities in the next 12 months.

“The collapse in prices has forced consumers struggling to make ends meet to look for discounts, with little room to spend on high prices for sustainable products. This can create further challenges for governments, businesses and non-governmental organizations that are trying to manage their consumption efficiently and effectively.” properly putting green change at the top of the agenda,” says Vanessa Söderberg, Head of Global Sustainability at Intrum.

The ECPR results show, however, that most consumers will still ‘punish’ companies they believe are discriminatory, such as discriminating against consumers on the basis of race or social status (61 percent say they would do so).

Other findings in the European Consumer Payment Report 2022 include:

Consumer confidence is lower now than in the darkest days of the shutdown

Customers are more optimistic about the future than at any time since we started tracking their feedback in 2019.
Unlike in recent years, wealthy countries and older consumers are more concerned (63 percent of consumers in France and the UK is even worse, as 62 percent of Gen X, compared to an average of 59 percent.)

Inflation and uncertainty affect consumer spending

Six out of 10 European consumers say they are becoming more aware of unnecessary spending
Consumers who are changing their habits are cutting back on food to compensate for rising prices, which is bad news for hoteliers and others who were starting to rebuild their travel after the impact of Covid.
Three in 10 are struggling to make ends meet and expect to default on their mortgage in the next 12 months. The same region already missed last year’s salary.
Customers who expect to miss a bill in the next 12 months are said to be more likely to default on e-commerce and online shopping bills.

The full European Consumer Payment Report is available to download at intrum.com/ecpr2022

About the European Consumer Payment Report 2022

The European Consumer Payment Report 2022 is a tool to help understand the daily life of European consumers, their spending habits and the ability to manage their monthly household expenses. The report is based on an external survey conducted by Longitude in 24 countries Europe. 24,011 users participated in the 2022 survey. The study was conducted between July and September 2022.

For more information, contact:

Kristin AnderssonGlobal Media Relations Director, Mature & Emerging Markets
+46 (0)705 85 78 18
[email protected]

Karin FranckGlobal Media Relations Director, Strategic Markets & Scandinavia
+46 (0)709 78 72 74
[email protected]

The following files are available for download:

Cision

See original stories: https://www.prnewswire.co.uk/news-releases/surging-costs-are-causing-european-consumers-to-cut-back-on-sustainable-choices-301686674.html

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