We will go to the store more often in 2023, but we will spend less

By: Trademagazin Date: 2022. 12. 20. 12:49

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Due to high inflation, customers will go shopping more often in 2023, but they will spend less on one occasion. Consumers will turn to cheaper brands and put fewer products in their baskets at a time. Merchants will be competitive in this situation if they can sell on as many channels as possible – VG quotes Mastercard’s research results.

After the boom in the real estate market for years, higher interest rates are expected to have a strong impact on the cost of living and, as a result, consumers’ spending habits will also change to a large extent, according to research by the Mastercard Economics Institute. In their press release, they write that in developed countries, housing expenditures compared to real wages will likely decrease by nearly 4.5 percent. Retail trade and food prices will not escape the negative effects on the economy. Inflation is increasing to such an extent that consumers can no longer keep up with it, so they will be forced to reduce the contents of their shopping baskets. According to Mastercard’s research, in addition to the fact that customers will pay more attention to the price-value ratio between the shelves, they will move towards more cost-effective brands. The survey also revealed that people are expected to go to the store more often, but will buy in smaller amounts.