A recent survey found that over 80% of consumers in the UK, France, and Germany expect the economic downturn to last more than a year. In response, more than 90% of shoppers are changing their spending habits.

Specifically, consumers are spending less (54%), eating out less (49%),  purchasing fewer non-essential items (51%), shopping with less expensive brands (44%) and limiting spending on clothing, footwear, and accessories (54%) 

Consumers are also more likely to shop with retailers that offer exclusive community discounts (63%). This is especially true for students (89%), healthcare workers (81%), and teachers (73%).

Loyalty programs are also becoming more popular, with over 70% of consumers interested in joining programs that offer exclusive benefits. In particular, 7 out of 10 consumers within identity-based communities are more loyal to brands that offer exclusive advantages.

These findings suggest that consumers are becoming more price-conscious and are looking for ways to save money. Retailers that can offer exclusive discounts and create emotional connections with consumers will be well-positioned to succeed in the current economic climate.