Consumers around the world will likely spend more carefully in the coming months amid economic and political instability, according to a new report which surveyed shoppers in 64 nations.
Shoppers said they’ve cut back on clothes and entertainment costs to the previous year and have taken steps to save on gas and electricity, according to the Conference Board Global Consumer Confidence Survey, conducted in collaboration with Nielsen. Consumers in Europe and Latin America are purchasing cheaper alcohol and groceries, while Asian shoppers are reducing their yearly vacations.
“There is a wait-and-see mindset,” said Denise Dahlhoff, senior writer for customer research at The Conference Board, which surveyed 32,000 online shoppers worldwide. “Consumers are taking note of what is happening around them and are adjusting their attitudes and behaviours. They are playing it safe.
There were, however, some bright spots, especially in emerging markets. Consumer confidence in the Asia-Pacific region stayed at a historical high, driven by strength in India, Indonesia and the Philippines.
And even though customers said they intended to invest less in the upcoming year, they remained mostly optimistic about job prospects and personal finances in the coming year.