53% of people are struggling to afford basic needs; 67% have reduced spending to combat inflation

New data from Staying Ahead of the Downturn reveals widespread financial woes economic uncertainty for many, as 49% believe a recession is imminent

Dallas, September 28, 2022 /PRNewswire/ — Dynatathe world’s largest first-party data platform for insights, activation and measurement, today released the latest installment in its Global Consumer Trends series. “Stay ahead of the downturn.” The new study uncovers the struggles of many consumers facing myriad waves of financial obstacles — not least an uncertain future — and how global consumer behavior is changing. Businesses need to take note of these changes to stay ahead of the economic downturn.

Drawing on responses from more than 11,000 consumers across 11 countries, Dynata’s Global Consumer Trends: Staying Ahead of the Downturn sought to better understand how the evolving economic landscape is affecting consumer behavior and brands. Key findings include:

1. Consumer perception matters

  • Almost half of global consumers (49%) “strongly” or “very” believe we are entering a recession
  • 56% say their country’s leaders are not doing enough to fight inflation

2. Many struggle to make ends meet

  • 53% globally have at least minor difficulties affording their basic needs – above all energy and utilities, followed by food, basic clothing and housing
  • 65% of Britons struggle to pay for energy and utilities

3. People reduce consumption and buy used products

  • 67% have taken action to reduce spending. Top items to cut include leisure travel (61%), personal entertainment (61%), restaurants (59%) and fashion (clothing beyond the basic wardrobe (59%)
  • 27% of consumers buy used products

4. If it’s worth paying more for

  • 1 in 5 will “almost always” or “often” pay more for a brand, product or service that represents their values; higher in Gen Z and Millennials
  • 8 out of 10 say they’re likely to keep going, even if it costs more

Learn more

  • Download Global Consumer Trends: “Staying Ahead of the Downturn” from the Dynata website.
  • Sign up here to attend a webinar 29 Septailored for audiences in EMEA and APAC, and gain more insights into how consumers are adjusting their behavior to better adapt and prepare for an uncertain future.

research methodology
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 – in between 1st-8th Aug 2022. Participants were selected from all of Dynata’s online research panels, and samples were quota-controlled to reflect the population by age, gender, and region. The margin of error (at 95% confidence level) is +/- 3% at country level and +/- 1% at overall level.

About Dynata
Dynata is the world’s largest first-party data platform for insights, activation and measurement. With a reach of nearly 70 million consumers and business professionals worldwide and an extensive library of custom profile attributes collected through surveys, Dynata is the cornerstone for accurate, trusted 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 across the entire marketing continuum – from generating insights to campaign activation 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 clients North America, South America, Europe and Asia Pacific. Learn more at www.dynata.com.

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SOURCE Dynata

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