Consumer confidence is at an all-time low across Europe, with Hungarian households among the most severely affected

By: Trademagazin Date: 2022. 11. 22. 12:02

Consumer confidence has hit rock bottom across Europe, and in most countries people are preparing for a crisis that will last for years, according to the Intrum European Consumer Payments Survey (ECPR). Hungarian respondents are especially worried about prices, nearly two-thirds of them are particularly negatively affected by the changes.

People tend to be pessimistic

According to the Intrum survey, European consumers are most worried about the rising prices of everyday goods, rising utility costs and rising interest rates. The claims management company’s consumer survey covering 24 European countries, which has just been published, is the first research of its kind that has been carried out since the outbreak of the Russian-Ukrainian war. Hardly surprisingly, compared to last year’s survey, consumer sentiment deteriorated dramatically in most European countries, including Hungary, especially due to the rising cost of living.

When asked about which financial and economic problems they are most worried about, the European respondents indicated the increase in the price of food and utilities (82 and 80 percent). Slightly fewer, 58 percent, are worried about the rise in bank interest rates, 46 percent fear for their jobs, and relatively many (45 percent) are still afraid of new closures due to the Covid epidemic.