February 9th, 2023, Janice Fernandes
About six months ago, data from a YouGov study showed that nearly half of the global audience (49%) would cut back on travel to reduce household costs. The only other category where consumers were more likely to tighten their belts was eating out (60%). As the impact of inflation continues to be felt to varying degrees across the globe, we ask consumers in 18 markets in which categories have they been price-conscious and changed brands, shopped around, or didn’t buy a product/ service at all.
Data from the recently conducted YouGov survey indicates that global respondents are most likely to say they’ve been price-conscious when purchasing groceries (55%), followed by utilities such as gas and electricity (36%), clothing and shoes (35%), and take-out food (30%). Financial and investment products (14%), furniture (11%), and video games (9%) bring up the rear of the list for price-conscious consumers.
Fewer than two in ten global respondents (18%) identify air travel and hotels as a category where they have been picky. The data suggests that people are most concerned with the cost of necessities and are less likely to prioritize cost savings for luxury items and entertainment.
Breaking down the data of consumers who say they have been price-conscious about air travel and hotels, UAE tops the list with a third saying they have been sensitive to the increasing prices of air tickets and hotels in the last six months (30%). Singapore comes next at 29%, followed by India (23%) and Australia (21%) in the APAC region.
Consumers in Mexico (21%) and Canada (21%) slightly outpace the global average, but American consumers (14%) are not as likely to agree with their neighbors.
At 14% Germany and Sweden lead the list of European countries in the list. Consumers on the continent are less price-conscious about travel tickets and hotel stays than other regions on the list. The proportion of price-conscious travelers drops to 12% in Britain and France.
Danes (9%) are least likely of consumers in all 18 markets to say they’ve changed their purchase behavior when airline or hotel prices go up.
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Methodology: YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2044 for each market. All surveys were conducted online in December 2022. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
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