An inflation that does not seem to subside, the rise in interest rates and economic uncertainty, among other factors, confront citizens with a new complicated economic scenario and an increase in the cost of living that no longer comes as a surprise. In addition, the proximity of the high or peak season periods, such as Black Friday or Christmas, make socioeconomic uncertainty more latent than ever within the retail sector, thus slowing down consumption.
Only in our country, 24.93% of Spaniards believe that the economic situation will affect their cost of living for more than two years, according to the report prepared by Packlink, a leading company in online logistics solutions and Retail Economics, a consultancy of economic research, to more than 8,000 respondents from different countries, on “Buying trends in high season”.
In addition, the age groups that expect a prolonged impact of the crisis for more than two years are those between 18 and 24 years old (27.4%) and those over 65 years old (27.6%). While the age ranges between 25 and 34 years (18.3%) and 45 and 54 years (20%), are those who hope that this crisis will not have repercussions for so long.
In global terms, the estimated duration of the cost of living crisis according to consumers, obtain an average of almost two years (23.2 months). Germany being the country that most expects this crisis to last with an average of more than two years (24.8 months), above Italy (24.7 months), Australia (24.3 months), France (22.9 months) and Spain (22.4 months). The United Kingdom (21.9 months), Canada (21.6 months) and the United States (21.4 months) would be the most optimistic countries regarding the duration of the increase in the cost of living.
Despite the fact that the figures are not very encouraging, it must be taken into account that 21.8% of the population hope that this crisis will not impact their cost of living. For this reason, from platforms such as Packlink, we work tirelessly to provide the user with the resources they demand, regardless of their socioeconomic situation. Reach the maximum customers, implementing purchase policies that are simple for them and that adapt to any situation.
Noelia Lázaro, Marketing Director of Packlink.
Degree of financial distress and concern
The psychological impact caused by the current situation also has great repercussions among users. Despite the fact that, in global terms, 24.7% of those surveyed believe that this crisis will not impact their cost of living, there is a certain degree of financial anguish and emotional concern.
According to data from the Packlink and Retails Economics report, 34% of those surveyed are in trouble, worried about money and financially vulnerable, while 30.2% are worried but secure with their money, since are financially stable.
Likewise, 12.5% of the population surveyed is in a situation of economic vulnerability, however, they are not concerned about money and consider themselves “wasteful spenders”. Meanwhile, the remaining 23.1% are indifferent to the situation, being quite unconcerned with their economy but remaining economically stable.
“The degree of anguish and financial concern on the part of users is something that e-commerces have to take very seriously. Since fear and anguish contain consumer spending. Conveying security and confidence is also part of our work, guaranteeing them not only the best treatment, but also that they can trust our purchases and we can provide them with different solutions when making the payment or returning a product”points out Noelia Lázaro, Marketing Director of Packlink.