High hopes despite high prices: An update on European consumer sentiment

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To save or to splurge? That is the question confronting European consumers, who have the most optimistic economic outlook they have had in at least a year, in the face of continuing price increases. For some, the answer is “both.” The following five charts highlight findings from our latest ConsumerWise research survey, conducted in May 2023 in five European countries: France, Germany, Italy, Spain, and the United Kingdom.

Consumer confidence

Money-saving strategies

Consumer spending

Trade-down actions

Intent to splurge

The snapshot of the European consumer today reflects the tension between intending to spend and save under the pressure of higher prices, albeit with more nuance than one might find in a typical economics textbook. These sentiment data indicate that value may become a more important driver of purchases—but certainly not the only one.

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