Post by account_disabled on Dec 26, 2023 5:11:12 GMT
A recent NielsenIQ report has addressed the financial situation in Spain after the setback caused by COVID-19. The figures obtained are a true reflection of the reality of thousands of people who have had to tighten their belts, face changes in their jobs or even close their businesses. Specifically, the GDP has fallen by 11.6% and the unemployment rate has stood at 16.8%. This has caused a large percentage of those affected by the pandemic to be added to the volume of consumers who already assumed restrictions on their portfolio before 2020 (15%) (45%). Changes in consumer habits Economic uncertainty is materializing in changes in consumer habits at a general level that brands and retailers must take into account so that their strategies do not fail. In fact, almost a third of Spanish consumers say they feel less confident about their income prospects in the next 3-6 months.
Consequently, they are determined to spend less, opting for cheaper and private label products (as stated by 54%), although they will maintain the willingness to loosen their wallet more when the products Phone Number List are of high quality. According to Nielsen, 58% of Spaniards choose private labels to improve their budget management , and 55% declare they buy any product on promotion, regardless of the brand. On the other hand, a reluctant 47%, who also have fewer financial limitations, will continue to stick to their preferred brand and will choose the lowest priced product from their repertoire of favorite options. “In this new reality, brands are now under much greater scrutiny, and consumers are weighing which brand attributes they really care about to justify a place in the shopping basket.
What are the four consumer groups in 2021? According to NielsenIQ, the circumstances of 3 out of 4 Spaniards changed after the pandemic, causing palpable changes in their consumption routines. In this context, the consultancy has developed 4 different consumption profiles: Existing Constrained (15%): They were already watching what they spent before COVID-19 and this has not changed Newly Constrained: (45%): They experience a worsening of the household's financial situation and consciously monitor what they spend Cautious Insulated (31%): Limited income / impact of financial situation, but watching what they spend a lot / much more Unrestricted Insulated (9%): Same/better income/financial situation and don't have to watch what they spend. 2021 will continue to be a year of change The NielsenIQ survey has revealed that 84% of Spanish consumers will continue to restructure their spending in 2021 ; Furthermore.
Consequently, they are determined to spend less, opting for cheaper and private label products (as stated by 54%), although they will maintain the willingness to loosen their wallet more when the products Phone Number List are of high quality. According to Nielsen, 58% of Spaniards choose private labels to improve their budget management , and 55% declare they buy any product on promotion, regardless of the brand. On the other hand, a reluctant 47%, who also have fewer financial limitations, will continue to stick to their preferred brand and will choose the lowest priced product from their repertoire of favorite options. “In this new reality, brands are now under much greater scrutiny, and consumers are weighing which brand attributes they really care about to justify a place in the shopping basket.
What are the four consumer groups in 2021? According to NielsenIQ, the circumstances of 3 out of 4 Spaniards changed after the pandemic, causing palpable changes in their consumption routines. In this context, the consultancy has developed 4 different consumption profiles: Existing Constrained (15%): They were already watching what they spent before COVID-19 and this has not changed Newly Constrained: (45%): They experience a worsening of the household's financial situation and consciously monitor what they spend Cautious Insulated (31%): Limited income / impact of financial situation, but watching what they spend a lot / much more Unrestricted Insulated (9%): Same/better income/financial situation and don't have to watch what they spend. 2021 will continue to be a year of change The NielsenIQ survey has revealed that 84% of Spanish consumers will continue to restructure their spending in 2021 ; Furthermore.