Consumers’ thoughts on inflation

According to the International Monetary Fund, global inflation is expected to decline from 6.8% in 2023 to 5.9% in 2024, and 4.5% in 2025. ¹

72% of global consumers feel that the cost of everyday goods is going up. But 40% of the global consumers concerned about the rising costs of goods still prefer to spend their money. ²

What they’re buying

According to Neilsen, an average global consumer spends US$13,800 annually. ⁴

Consumers are spending more on essentials. But, in 2024, fewer consumers want to cut back on discretionary spending (like clothing, dining and entertainment) compared to 2023.⁵

Goods and services that simplify their life by reducing their time or stress are justified, even if they come at a higher cost. Consumers are spending more on convenience and innovation, with 57% researching the products they consume, suggesting that consumers are looking to justify their purchases. ³ 

² Future of Consumption: A Structured Approach to Identifying Opportunities - Euromonitor

³ Voice of the Consumer: Lifestyles Survey 2024 Key Insights - Euromonitor

⁴ Global Gen Z Spending Report - NielsenIQ

⁵ 2024 Consumer Outlook Summary Presentation - NielsenIQ

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