Consumers Worldwide Are Dealing With Economic Slowdown And Its Consequences, Global Study Reveals

More than 50 percent of consumers worldwide fear they or someone in their household will lose a job in the coming year, according to McKinsey & Company. Data from the study, “Saving, Scrimping, and… Splurging? New Insights Into Consumer Behavior,” which interviewed more than 22,000 respondents from 26 countries, revealed 28 percent of respondents said they are finding it harder to make ends meet than the previous year, while 26 percent said they live paycheck to paycheck. About one-third of respondents said their current economic conditions are making them delay purchases and reduce spending. Also, the study revealed five truths about today’s consumers: they proactively search for savings; they are loyal to brands, as long as the price is right; consumers who opt for cheaper brands might not be likely to go back; consumers are selective splurgers; and they shop across channels.