Value for money reigns, but we would spend more if…

The research explores consumption habits across various industries using in-depth interviews, from daily food consumption to travel, luxury and healthcare spending.

Trust is more important than ever

The global consumer market is growing: in 2023 4 billion people belonged to the group of consumers spending more than USD 12 a day, and this number is expected to climb to 5 billion in the next 7-8 years. Trust is an increasingly important factor for consumers when making purchases, as they face constant uncertainty due to conflicting and often negative news, such as geopolitical, environmental and financial issues, thus they show growing demand for trustworthy products and brands. According to 83% of respondents, the most important factor is how their personal data is handled. When it comes to consumer sentiment and fears, inflation tops the list: 64% of respondents cited it as the biggest risk globally over the next 12 months, for the period beginning in spring 2024. Geopolitical conflicts and health risks ranked second and third among consumers concerns in Central and Eastern Europe.

Climate awareness at the checkout?

The survey also looked at the extent to which consumers take personal responsibility for sustainability and are willing to pay more for sustainably sourced products. The results reveal that awareness in this area is high in Central and Eastern Europe: 40% of those surveyed said they are willing to change their consumption habits in order to lead a more sustainable lifestyle. In Hungary an average of 6-7% of respondents would dig deeper into their pockets for sustainably sourced products. As for AI use, 50% of respondents don’t have any particular concerns about it. Personal data protection is at the top of the consumer agenda: for 80% of global respondents – 79% in Hungary – data security is a top priority.

Value for money takes all

PwC also looked at 10-year trends, which make it clear that value for money remains the most important factor in purchasing decisions – with 42% of respondents citing it as their top consideration. Commitment to eating healthily is also high, with half of respondents claiming to pay more attention to their eating habits and eating more vegetables. It is noteworthy that Hungarian and Central and Eastern European consumers still prioritise price over health consciousness when making a purchase. At a global level health consciousness is now a bit more important factor than price. As for the reasons why consumers would switch brands: Generation Z are more likely to switch brands if they are attracted by digitalisation and a strong visual experience, and they are less driven by financial factors – together with Generation Y. For baby boomers price is still the main consideration. //