47% of consumers in Sweden expect their financial situation to deteriorate in the next 12 months. 36% expect it will get “a little worse” financially, while 11% worry it will get “a lot worse.” That’s according to a new poll by consulting firm Simon-Kucher.
However, it is important to note that 23% of Swedish consumers already expect things to improve over the next 12 months. Not all consumers are worried about deflation, says Andreas Jonasson, who serves as managing partner at Simon-Kucher, in a press release.
Andreas Jonasson, Simon Kocher.
picture: Stefan Thiel
Consumers in the Nordic countries differ from consumers in the rest of Europe in that they feel less financial uncertainty. But even if people in Sweden feel less insecure, they plan to reduce their consumption by 5.9% on average, a slightly larger decline than the global average. Consumers around the world expect to reduce their consumption by 4.0% on average.
It is particularly consumer goods such as luxury goods, entertainment, home furnishings and leisure that consumers will discount. However, more than a third of consumers responded to the survey that they were willing to spend more money on food.
– In addition to supermarkets and convenience stores, retail must adapt to a time when people are generally shopping less than they used to. Therefore, manufacturers and retailers must adapt their strategies so that they can make the most of the interactions they still want to have with their customers, says Andreas Jonasson.
Consumers in the study state that retail can help consumption go a little further by offering bigger discounts, more offers and more convenient package solutions.
There is no doubt that promotions, offers and discounts can contribute to increasing sales, both in terms of frequency and volume. But it is crucial that you as a trader use offers and discounts in the right way, says Andreas Jonasson, and continues.
– Only with the right strategy can you attract consumer attention and achieve greater profit.
This is how the poll went:
√ The “Unlocking Growth in Uncertain Times” survey was completed with data collected in February 2023.
√ Answers from 15,440 consumers in 17 countries included, including 253 from Sweden.
√ The study relies on a quota system so that it is representative in terms of age, gender, place of residence (city/country), level of education, employment, and income level.
√ The study was conducted by the consulting company Simon-Kusher.
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