Overall, consumers plan to rather maintain spend levels into 2024 across groceries
(56%), beauty and cosmetics (53%), toys and books (48%), and clothing (47%) categories.
These categories provide opportunities for retailers and platforms to attract value-based
consumers with thoughtful options.
Across all seven EMEA regions, the grocery industry received the highest percentage of
maintained spend and was the only category to see a planned uptick in 2024 purchase
intent compared to 2023.
However, when we focus solely on the five European countries, even this category saw
a net decrease in 2024 purchase intent - 21% of consumers say they will spend less
compared to 15% saying they will spend more. This provides strong evidence of the
pressure that European consumer wallets are under.
Age is a strong indicator of retail spend reduction, too, with younger consumers less
willing to let economic conditions impact their lifestyle and consumption habits:
• 27% of respondents aged 18-24 age plan to reduce retail spend next year,
while 24% plan an increase.
• 46% of consumers aged 65 and over say they will will reduce retail spend in 2024,
compared to just 11% planning an increase.
Do you plan to spend 'less', 'the same' or 'more' in the following shopping areas next year?
CATEGORIES: Beauty and cosmetics | Groceries | Toys and books | Clothing | Consumer electronics | Home improvement and DIY | Sporting goods
PLANNED 2024 RETAIL AND CONSUMER PRODUCTS SPEND ACROSS AGE GROUPS
18-24 25-34 35-44 45-54 55-64 65+
18.23%
48.41%
19.27%
8.96%
4.35%
16.78%
50.23%
19.17%
9.47%
3.81%
14.36%
49.30%
21.44%
11.09%
2.74%
10.62%
48.91%
23.71%
14.03%
1.32%
8.32%
47.50%
25.25%
17.51%
2.97%
8.18%
43.30%
24.31%
21.24%
5.12%
Much less Less The same More Much more
The message is clear for the Consumer Goods
sector- consumers behaviour is continuing to shift
into 2024 and ability to pass inflationary increase
prices without significant volume loss is over."
- ANDY SEARLE, HEAD OF EMEA CONSUMER PRODUCTS
The Critical Consumer 2024 10