Concern about finances changes consumption habits in the world

Concern about finances changes consumption habits in the world
Concern about finances changes consumption habits in the world

The consumer is no longer able to take home all the food he chooses and puts in the cart. This happens even with those who frequent the most different retail establishments in the State. Cost cutting often happens at the cashier. And, consequently, the situation is of concern on both sides of the counter.

“In fact, today traders in Minas Gerais and around the world are facing inflation resulting from the breakdown of the production chain that occurred during the Covid-19 pandemic. This break also occurred due to the geopolitical insecurity resulting from the war between Russia and Ukraine and is also associated with the conflict between China and Taiwan”, according to the coordinator of the Market and Consumption Center of the Federation of Trade in Goods, Services and Tourism of the State from Minas Gerais (Fecomércio-MG), Marcelo Silveira.

“These facts resulted in an increase in energy costs and the possibility of a global recession”, points out Silveira. He also emphasizes that these factors have consequences that affect low-income families more at this time.

Faced with this reality, faced by the entire chain of trade in goods and services in Minas, the entity forwarded a study to the State Secretariat for Planning and Management of Minas Gerais (Seplag). The material aims at reducing the tax cost related to the anticipation of ICMS rates (Difal), which must be collected separately by companies opting for Simples Nacional.

Effects are felt across all generations

A global survey developed by the multinational office Capgemini Research Institutewhich is the second edition of the What Matters to Today’s Consumer, points out the concern of consumers. According to the report, in the world, 61% of consumers millennials, between 27 and 41 years old, are worried about their personal financial situation.

In the case of Generation X, 64% of people aged between 42 and 58 are the most apprehensive about bills. already the boomersaged 59 to 78, are less concerned.

The survey also points out that 44%, that is, almost half of consumers claim to constantly reduce spending on commerce. This portion represents a 33% increase in consumers consulted by the same survey in its first edition, carried out in November 2020, amid the pandemic.

“Bye bye”: impulse purchases are getting more and more sidelined

And when the sudden desire to buy a certain product comes to mind? This type of behavior has also been controlled, as pointed out by the same Capgemini survey.

The data show that, of 11,300 consumers from 11 countries, including Brazil, 73% are making less impulse purchases. Already 69% are cutting non-essential expenses such as electronics, toys, luxury items and food away from home. The option has been to look for cheaper products or not to buy them, depending on the situation.

Returning to Minas, where the reality is similar to other Brazilian states, traders have adopted strategies to circumvent the recessionary scenario. Marcelo Silveira says that one of the solutions found by businessmen and entrepreneurs in the state was the adoption of their own brands. “This alternative has had an impact on the price of products to the consumer, trying to reconcile income with purchasing power”.

“Associated with this, we can see the growth of wholesale, large establishments that sell larger quantities of products directly to the consumer with lower prices”, he says.

In the last five years, the market for sustainable products has shown accelerated growth due to changes in habits towards a better quality of life. However, once again, the consumer had to make decisions so that this same quality was not affected by inflation.

“The growth in consumption of sustainable products comes much more from a change in consumer behavior, which came out of the pandemic much more concerned with social issues and the sustainability of the planet. And generation Z, which is increasingly entering the world of consumption and has a very close alignment with identity causes and the issue of sustainability. We can see that, with regard to the consumption of sustainable products, there has been a reduction in price differences between sustainable and non-sustainable products”, says the specialist, emphasizing that this difference has favored consumers.

The article is in Portuguese

Tags: Concern finances consumption habits world

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