Customers turn to experiences and basic shopping due to increasing economic pressures
In the current, changing circumstances imposed by economic developments around the world, the choices consumers make about what, when and where they spend can help understand new trends.
The report “Changes in Wallets” done by the Mastercard Economics Institute provides an insight into how consumers around the world firmly adhere to the habits that ensure convenience, better experiences or both.
The latest report by the Mastercard Economics Institute answers three key questions – what, when and where consumers buy and it shows that consumption preferences are changing.
Price increases affect how consumers rebalance their spending on basic needs and pleasures, and indicators show that most money has been spent on travel and food in recent years.
Travelling continues to be important to consumers. Globally, flight bookings during this summer (May-August) exceeded 2019 levels by 15%, despite increased logistical challenges and higher prices.
Consumption in restaurants increased by 25% this year compared to the same period in 2021, while consumption on grocery shopping – mainly due to inflation – increased by 14%.
This speaks in favour of the fact that consumers are increasingly turning to digital technologies, and that consumer habits created on the basis of convenience of use will be retained.
Foto: Mastercard Economics Institute