New data from "Staying Ahead of the Downturn" reveals widespread financial struggles for many, amid economic uncertainty, as 49% believe a recession is imminent
DALLAS, Sept. 28, 2022 /PRNewswire/ -- Dynata, the world's largest first-party data platform for insights, activation and measurement, today released the latest installment of its Global Consumer Trends series, "Staying Ahead of the Downturn." Uncovering the struggles of many consumers, who face myriad waves of financial obstacles - not the least of which is an uncertain future - the new research reveals how global consumer behaviors are shifting. Businesses must take note of these changes to stay ahead of the economic downturn.
Using responses more than 11,000 consumers in 11 countries, Dynata's "Global Consumer Trends: Staying Ahead of the Downturn" sought to better understand how the evolving economic landscape is affecting consumers' behavior and impacting brands. Key findings include:
1. Consumer perception matters
- Nearly half of consumers globally (49%) "strongly" or "very much" believe we are entering a recession
- 56% say their country's leaders aren't doing enough to combat inflation
2. Many struggle to make ends meet
- 53% globally are struggling at least slightly to afford basic needs - especially energy and utilities, followed by food, basic clothing and housing
- 65% of Britons have difficulty to pay for energy and utilities
3. People are cutting consumption and buying secondhand products
- 67% have taken action to reduce spending. Top items to cut include leisure travel (61%), in-person entertainment (61%), restaurants (59%) and fashion (clothing beyond basic wardrobe (59%)
- 27% of consumers are buying secondhand products
4. When it's worth paying more
- 1 in 5 "almost always" or "often" pay more for a brand, product, or service that represents their values; higher among Gen Z and Millennials
- 8 in 10 say they are likely to continue even if it costs more
- Download Global Consumer Trends: "Staying Ahead of the Downturn" from Dynata's website.
- Register here to join a webinar on Sept. 29, tailored to EMEA and APAC audiences, and gain more insights about how consumers are adjusting their behavior to better adapt to, and prepare for, an uncertain future.
"Global Consumer Trends: Staying Ahead of the Downturn," draws on responses from 11,103 consumers across 11 countries - the United States, Canada, United Kingdom, France, Germany, Italy, Spain, the Netherlands, China, Japan and Australia - between Aug. 1-8, 2022. Participants were selected across all Dynata's online research panel assets, and the samples quota-controlled to reflect the population on age, gender and region. The margin of error (at the 95% confidence level) is +/- 3% at the country level, +/-1% at the total level.
Dynata is the world's largest first-party data platform for insights, activation and measurement. With a reach that encompasses nearly 70 million consumers and business professionals globally, and an extensive library of individual profile attributes collected through surveys, Dynata is the cornerstone for precise, trustworthy quality data. The company has built innovative data services and solutions around its robust first-party data offering to bring the voice of the customer to the entire marketing continuum - from uncovering insights to activating campaigns and measuring cross-channel marketing ROI. Dynata serves more than 6,000 market research, media and advertising agencies, publishers, consulting and investment firms and corporate customers in North America, South America, Europe and Asia-Pacific. Learn more at www.dynata.com.