Affordability is the leading concern for 35 percent of worldwide consumers today, in response to latest survey data from EY, increasing by 10 percent since October 2022.

EY’s Future Consumer Index surveyed greater than 21,000 consumers across 27 countries to know consumer sentiment and behaviors with 94 percent reporting that rising living costs are a priority. The priority is presented in shifts in purchasing habits and lots of say they’re losing trust in retail and consumer product corporations.

A majority of consumers, 92 percent, said they’re concerned with their country’s economy and 39 percent said they expect their country’s economy to worsen over the following six months. As they shop, 79 percent of respondents said they feel food prices have increased during the last three to 4 months and 74 percent have noticed some brands have reduced their packaging sizes without price changes.

As consumers cope, EY found that they’re changing purchase habits and the way in which they interact with brands. As an alternative of replacing possessions, 67 percent of respondents said they would favor to repair items, difficult the patron desire to at all times have the most recent model.

Notably, 62 percent reported they don’t feel the necessity to sustain with the most recent fashion trends. While 55 percent of consumers say brands aren’t any longer necessary, half said they might now consider private labels for clothing, shoes and accessories.

“Consumers are remaining frugal and resilient to address cost-of-living pressures, leaving them no alternative but to attract on lessons learned from the worldwide pandemic,” said Kristina Rogers, EY global consumer leader. “They’re seeing the worth they receive from brands diminish attributable to price increases and shrinkflation. Consumers are responding by switching away from brands, reducing their list of essentials and canceling subscriptions to maximise their budgets. With trust in retailers and consumer products businesses eroding across the board, businesses should be prepared to simply accept that decisions they make now could have long-term implications on consumer loyalty and types might want to double down on innovation and marketing efforts to compete.”

EY’s survey found that these latest consumer behaviors are also impacting the way in which individuals are considering technology. After they are shopping, 66 percent of respondents said they’re willing to share their data in exchange for cheaper alternatives.

“Consumer attitudes toward technology are evolving just as rapidly because the technology itself, as people search for a good exchange of value,” said Rogers, who acknowledged consumers growing use of digital technology to make life easier, lower your expenses, save time, make money working from home and reduce environmental impacts. “Businesses must foster a relationship with their customers around technology based on trust, respect and value. Failure to accomplish that will damage relationships in the long run.”