The majority of consumers have become more economical when shopping and are turning to cheaper own brands more often, according to the results of the current consumer survey, which is carried out every six months by the Gfk Consumer Panel, which is part of YouGov. 746 people in Austria took part in the survey.
Almost a third of those surveyed in Austria stated that they were in a financial bottleneck. This is the second highest value since inflation increased around two years ago in spring 2022. On average in the EU, 35 percent of households are currently in a difficult financial situation. Countries such as Spain, Hungary and Serbia are particularly affected, where around every second household is struggling with a lack of money.
In countries such as Italy and Croatia, the percentage of 45 percent is also well above the EU average. Consumers in the Czech Republic and the Netherlands are currently least affected by financial bottlenecks, at 21 percent each. Germany is also below the EU average at 26 percent, followed by Slovakia with 28 percent and Denmark and Austria with 29 percent each.
The survey was conducted in fall 2023. The British market and opinion research institute YouGov took over the GfK Consumer Panel (CP) in January 2024. In market research, we speak of a panel when a defined group of participants, the so-called panel, is repeatedly surveyed. Panel members receive rewards in the form of money and vouchers. According to YouGov, the results are representative.
