How current events are shaping Spanish consumer behavior

| Survey
Spanish consumers remain concerned about economic recovery. They are making noticeable demand shifts in search of value for money.

In Spain, consumers are most concerned about rising prices, unemployment, and the invasion of Ukraine. Their outlook on the economy remains pessimistic, at a level comparable to attitudes during COVID-19 lockdown periods. Spend for groceries, energy, and other essentials soared, and consumers are expecting prices to increase even further.

To manage price pressures, consumers have cut down on spend in non-essential categories, and 84 percent of respondents say they have changed shopping behavior in the last three months. Trading down for retailers and brands is widespread, with the key drivers of choice being prices/promotions and value for money. Even for holiday shopping, most consumers are planning to spend less this year.

These exhibits are based on survey data collected in Spain between September 23 and October 2, 2022. Check back for regular updates on Spanish consumer sentiments, behaviors, income, spending, and expectations.

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Consumers intend for organic and sustainable brands to have more share of basket, particularly for fresh fruit and vegetables
Three emerging consumer themes in September/October 2022
Rising prices are by far consumers’ top source of concern; consumers in the United Kingdom are more concerned about inflation than consumers in other countries
Rising prices continue to be the number-one concern for Spanish consumers; the invasion of Ukraine has become less prominent
Rising prices are the dominant concern for consumers across income groups and generations
Two out of five consumers are pessimistic about Spanish economic recovery, comparable to pessimism during the lockdown period
Consumer pessimism is elevated consistently across major economies in Europe
Confidence in their own country’s future economic recovery is similar among different income groups; confidence is higher for Gen Z than other generations
Pessimism on the current economy is most common among consumers whose top concern is political uncertainty
Three emerging consumer themes in September/October 2022
Across countries surveyed, about 95 percent of respondents observed price changes
The vast majority of respondents perceive price increases across all categories; almost all see increases in groceries, fuel, and energy
A majority of consumers remain concerned about rising prices and expect prices to increase further
Consumers are spending more on energy, transport, and food and essentials; a majority are putting less into savings
Greater increases in expenditure are expected for energy and rent, while expected income and saving are lower
Majorities of consumers report spend increases and expect further increases in energy, transport and gasoline, and food and essentials
Almost half of consumers, particularly millennials and Gen X, are taking money out of savings to cover typical expenses
Spending on groceries and gasoline increased sharply and is expected to grow further; strong spend reduction across non-essentials
Net intent to purchase has dropped significantly across all non-essential categories, mostly for jewelry and accessories
To reduce spend, consumers will typically buy fewer items; for essentials, however, they typically intend to buy a cheaper brand
More than half of Spanish consumers surveyed—especially baby boomers—are more conscious about their home energy usage
Three emerging consumer themes in September/October 2022
Consumers changing shopping behavior are growing, up to 84 percent in September; a majority of them have tried a private label brand in the last three months
Gen Z and millennials are much more likely than older consumers to explore new shopping behaviors
Trading down to lower-cost brands is most evident in household products, snacks and confectionary, dairy and eggs, and frozen foods
Consumers are mainly switching brands for household products, frozen foods, and snacks and confectionary
Better value for money and better prices/promotions are the key reasons for switching brands, especially for baby boomers
Consumers across countries are shifting to shopping at discounters
Consumers switching to a different retailer or store are most often shopping more at discounters
Deep dive: The majority of respondents do not shop at organic (super)markets, but 17 percent plan to start in the coming months
Consumers’ top reasons for moving to a new retailer are prices/ promotions and value for money, particularly in the United Kingdom
In Spain, better value for money and better prices/promotions are key reasons for switching retailers, although Gen Z is far less influenced by prices/promotions
Consumer shopping in omnichannel remains strong but has slightly shifted to more in-store-only
Majorities of consumers do not plan to splurge in the next three months and will do less shopping for the 2022 holiday season
Among those intending to splurge, baby boomers favor restaurants and travel, while Gen Z is more focused on apparel
Consumers work from home and cook at home more often than they did prior to COVID-19
Consumers intend for organic and sustainable brands to have more share of basket, particularly for fresh fruit and vegetables
Three emerging consumer themes in September/October 2022
Global surveys of consumer sentiment during the coronavirus crisis

Global surveys of consumer sentiment during the coronavirus crisis

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