In times of crisis, however, sustainable products are among the goods that suffer greatly: 49% are now buying fewer sustainable products than before due to the current economic situation, and 7% have stopped buying sustainable products altogether. Only 7% of consumers say they have never bought sustainable products. Nevertheless, 38% have not been influenced by the crisis and are buying either the same number of sustainable products (28%) or even more sustainable products (10%).
Sustainable products are bought less during the current inflation
Use of entertainment & cultural activities, travel and bars and restaurants declines by 50%
As expected, the use of leisure services is declining. 50% say they are using entertainment & cultural activities less, as are travel and bars & restaurants, where the figure is 53%. Some consumers have also stopped using these services altogether. These areas have suffered the most during the pandemic and are now experiencing another setback.
Savings are also being made on gas, electricity and water, with 52% saying they are using less of these. In winter in particular, many German consumers preferred to freeze rather than heat. In March, prices for energy products were 3.5% higher than in the same month last year, meaning that growth has slowed significantly. In February, this figure was still +19.1% and in January +23.1%.
Electricity, water and gas are consumed less during the current inflation
How have consumers changed their consumption behavior?
Consumers are reacting to the economic situation and adjusting their consumption behavior to find singapore telegram data better deals. They are looking for discounts and coupons and are reading newsletters and doing more research than before. A full 41% read newsletters in search of special offers. It is therefore worthwhile for companies to invest in newsletter software and to publish special offers in addition to communicating about price increases or product range reductions.
Adjusted spending behavior in the current inflation
Loyalty programs are also sought after by 34% of consumers surveyed. In the best-case scenario, loyalty programs ensure that providers ensure that customers return and do not buy from the competition, and that customers are tied to their brand. Providers also benefit from collecting customer data, as they can improve their customer knowledge and tailor marketing campaigns to the customer in a more personalized way.
80% are worried that there could be an economic recession
The situation has even gone so far that consumers are worried that, due to the current economic situation, they will soon no longer be able to afford the products and services they regularly buy: 38% are very worried that they will no longer be able to afford food in the future, and 44% are worried about household bills (gas, electricity, water, internet).
It is therefore no wonder that the rise in prices and costs is making German consumers nervous: 44% say they are somewhat nervous, while 31% are very nervous. A possible economic recession is also a concern for consumers: 35% are very worried and 46% are somewhat worried about