Consumption and families: 50% postpone or cancel purchases due to high prices
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The shadow of high prices, with inflation of 11.9% in October on an annual basis, obscures the consumption of Italian families: the first signs of a slowdown threaten the last months of the year, including Christmas shopping. The growing concern strongly emerges, so much so as to trigger the first spending cuts, from the analysis of the results of the sample survey carried out by Toluna, a leading company in digital market research with over 650 members in Italy.
Out of a representative sample of 1,044 people, the majority of those interviewed (94%) think that inflation will last over time, with more or less contained constant increases, and 87% believe that the general increase in prices will have an or extremely – in the consumption choices of one’s family. “There are no particular geographical or age-group differences in spending behavior,” says Eliza Frascaro, head of research Southern Europe & Mea at Toluna. “In nine out of ten cases, the price increases have generated pessimism and concern, impacting the consumption choices of families,” adds the researcher.
Expenses deferred
One third to half of respondents (depending on the type of product) have decided to postpone or cancel expenses they had planned to do by the end of 2022 due to high prices.
Particularly worrying are the 30% who say they have postponed to 2023, or even canceled, expenses in the health sector, such as the dentist, private procedures or check-ups. “Intentions to cut spending focus on entertainment and activities outside the home,” continues Frascaro. More than four in ten people say they have canceled or postponed purchases of electronic goods, trips or holidays. Almost five out of ten, on the other hand, purchases of appliances or furnishings. The audience of those who renounce or confirm the expenses for clothing is equally divided, while among the few who had planned the purchase of jewels or cars only 7% and 9%, respectively, declare that they want to complete them.
The first cuts
In fact, 92% of Italians will reduce some spending in the coming months. “People will spend more time at home – declares the research manager – and in fact, for example, expenses for Netflix and the like are the least impacted”. 64% say they will take shorter trips and holidays, with cheaper or closer destinations. 59% will make meals away from home in restaurants and pizzerias less frequent and more frugal. 51% will also reduce expenses for personal care, therefore at the beautician or hairdresser. 40% even say they plan to cut back on gift purchases with less than two months to go before Christmas.
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