In Spain, consumers are most concerned about rising prices, unemployment, and the invasion of Ukraine. Their outlook on the economy remains pessimistic, at a level comparable to attitudes during COVID-19 lockdown periods. Spend for groceries, energy, and other essentials soared, and consumers are expecting prices to increase even further.
To manage price pressures, consumers have cut down on spend in non-essential categories, and 84 percent of respondents say they have changed shopping behavior in the last three months. Trading down for retailers and brands is widespread, with the key drivers of choice being prices/promotions and value for money. Even for holiday shopping, most consumers are planning to spend less this year.
These exhibits are based on survey data collected in Spain between September 23 and October 2, 2022. Check back for regular updates on Spanish consumer sentiments, behaviors, income, spending, and expectations.