June 7th, 2023, Kineree Shah
A recent YouGov survey reveals global attitudes towards major purchases amid rising living costs. Globally, half of all consumers say that they have postponed big-ticket purchases such as a car or house because of these economic pressures, while only a fifth say that they haven’t (21%).
Nonetheless, the proportion of those whose purchase plans have been disrupted by the cost of living fluctuates significantly by market. In the APAC region, there is a notably stronger inclination towards postponement. Almost two-thirds of consumers in Indonesia (63%) and just over three-fifths in the UAE (60%) indicate they have delayed significant purchases. Similarly, more than half in India (57%), Singapore (53%), China (51%), and Australia (53%) concur. Notably, a third of consumers in China (32%) and Hong Kong (33%) are unsure, showing the highest level of indecisiveness across all markets surveyed.
Europe displays a mixed response. More than half of consumers in Italy (57%) and France (51%) have deferred large purchases in light of the squeeze in their finances. In contrast, Germany (38%), Denmark (40%), and Sweden (41%) demonstrate a higher proportion of disagreement than agreement. Almost two out of every five consumers in these three markets say they haven’t postponed large purchases as a result of the cost-of-living surge. Poland (54%) and Spain (45%) are roughly in the middle, with about two out of every five consumers saying they have delayed making a big-ticket purchase because of the cost-of-living crisis.
When we look at North America, half of consumers in the US (50%) and Canada (54%) say they have delayed. A quarter of consumers in these markets remain neutral (22-24%). Mexico, however, presents the highest agreement level in North America, with nearly two-thirds of consumers postponing big purchases in light of inflation (62%).
From this data, it appears that rising costs of living are influencing purchasing decisions on a global scale. However, a significant portion of consumers, particularly in Asian markets like China and Hong Kong, remain undecided about its effect. Moreover, certain European countries such as Germany, Sweden, and Denmark demonstrate a tendency to continue with significant purchases despite the challenging economic environment.
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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 512 and 2034 for each market. All surveys were conducted online in February 2023. 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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