The price hike influences the purchasing decisions and consumption habits. A study carried out by the online price comparator ideal it points to the savings mechanisms that consumers confess that they are putting in place in the face of loss of purchasing power. Specifically, if you ask what kind of expenses are sacrificed when going through times of economic difficulties, it is detected that there are common patterns and certain types of products are sacrificed more than others. ideal assures that 52% of Spaniards cannot make it to the end of the month and has already set up savings mechanisms.
According to the analysis of price comparator, 45% of those surveyed affirm that electronic products are the first that they would do without, as they have the possibility of continuing to use what they already have, such as mobile phones, televisions, computers, etc. In a situation of uncertainty, clothing (37%) and footwear (35%) are also affected, completing the top 3 products that Spaniards put aside in order to surrender their purchasing power.
The research concludes that beauty items are also affected in the current scenario of economic recession, since 27% of the Spaniards surveyed said they would rule out this category of products in order to spend the money on other more essential goods.
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“With inflation, the shopping list is shrinking in many homesleaving room for the basics, but there are products that resist either for the pleasure they generate or out of habit”, explains the Idealo report. Only 24% of the participants in the Idealo survey conclude that they would stop buying alcohol despite economic squeezes. In the same way, the supermarket basket has been filled less, according to the idealo study. Specifically, 18% say they have bought fewer Food products due to inflation, despite the fact that experts consider that food they have inelastic behavior as a general category.
Since 2006, Idealo has been part of the Axel Springer SE publishing group and is one of the benchmark online price comparison sites in Europe, with more than 25 million visits in 2020. It brings together more than 90 million product offers from more than 11,000 stores. Currently, it has a staff of more than 1,100 people from all over the world, most of them based in Berlin. It operates in 14 countries.