Capterra has presented the results of a study on the consumption habits of the Spanish in the current economic context. More than a thousand people of legal age participated in the survey with the requirement of being taxpayers in the payment of their household expenses and goods. One of the main conclusions collected is that 91% of Spanish consumers have noticed a price increase in products or services in the last year.
Within this segment of people, 98% have observed a price increase in the food products. Behind, 85% have noticed an increase in the articles of beauty and hygiene; 76% in products with a sustainable characteristic, such as biological or organic; 72% in clothing and 70% in consumer electronics, such as computers, smartphones or televisions.
As to the services in which the greatest changes have been perceived, 93% of the consumers surveyed who have stated that they have noticed an increase in the price of services highlight the household bills. Catering is the second most expensive service for Spaniards, specifically for 92%, while the travel category (77%) is the third where the price increase has been most perceived. Inflation, and specifically the increase in the price of fuel, has had an impact on the energy bill and transport costs.
Most consumers change the way they spend money
The Capterra study shows that, while barely 15% ensures spending and saving the same as always, 85% of shoppers have changed their behavior when spending money due to the economic situation. Within this last percentage, the majority affirm that they consume less than before, especially with regard to clothing, as well as bars and restaurants.
Going into more detail, 65% of those surveyed who have changed their spending habits have indicated that they now buy cheaper products; 57% purchase a greater number of private label items; 52% delay or have stopped making large purchases, and 32% use public transport more often.
Who have changed their habits when it comes to consuming they also rely on offers. 74% admit that they look for more discounts, 53% say they do more research before buying and 52% take more advantage of coupons. To a lesser extent, 27% indicate that they participate in loyalty programs more frequently; 18% read emails looking for offers and 16% buy more second-hand products.
What reaction is expected from companies to the rise in prices?
In this sense, almost half of the buyers surveyed by Capterra who have noticed the rise in prices believe that companies are not doing enough to help them. 65% of people in this segment would like companies to offer more discounts in reaction to rising prices. In parallel, 40% would like brands to put some alternative products or services on the table at a reduced price in response to inflation. Similarly, also they are asked to be more transparent with price changes (37%) and offer loyalty programs (33%).
Therefore, the communication plays a very important role. 87% of the Spaniards surveyed who have noticed changes in prices think that it would be useful if brands personally communicated a price increase to them. So far, they say they have received this increase when visiting a store or office (43%), receiving an invoice (33%) or on the supplier’s website (13%).
A large number of consumers have reduced their consumption due to the current economic situation, which may lead to a decrease in company sales. However, this can also be an opportunity if brands offer discounts and coupons to build customer loyalty and increase sales. Consumers value transparent communication about price changes and expect brands to help them cope with the difficult economic situation.
