More than half of shoppers spend less on basic necessities, and 35 percent have tapped into their savings or borrowed to pay their bills. People’s willingness to spend is expected to decline further in the future, and there is no indication the trend will reverse, says the head of data analytics firm IRI, which conducted the survey and interviewed 3,000 consumers.
Food, fuel and energy prices present enormous challenges to families across Europe, and fighting inflation requires solutions that people last resorted to in the 1970s and 1980s. Bloomberg IRI President Ananda Roy.
These methods include, for example, shopping for cheaper, preferring cheaper stores and possibly skipping meals,
Or they are consuming products that are about to expire or have expired.
And in some countries, if it can be safely consumed, even products with an expired warranty can be sold.
Another form of saving is that they order fewer takeaways to take home and don’t go to restaurants, cafes and entertainment venues as much.
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