Around the world, consumers are growing increasingly optimistic about their financial wellbeing, particularly in developing markets throughout Asia-Pacific, Africa, Middle East and Latin America. Globally, 58% of global consumers feel they are better off financially than they were five years ago, but a sizeable proportion of consumers feel that they are in survival mode, with sentiment differing considerably by region and country.
Consumers’ perceptions of their personal financial situations play a role in influencing their purchasing behaviour. Due to changing aspirations or priorities, or reactively, due to factors such as inflation, consumers are proactively adapting their spending behaviours for fixed and discretionary expenses. During our webinar, we shared that the largest proportion of global consumers (44%), consistent across all geographies, indicate that the amount they spend on groceries has increased over the past five years.
While consumers are often cost-conscious and look for bargains, they are willing to pay a premium for certain categories. Globally, consumers are most willing to pay a premium for personal electronics (42%).