Consumption is changing

Every third household has financial bottlenecks

On average in the EU, 35% of households are currently in a difficult financial situation.

(Bild: stock.adobe.com/stock.adobe.com – Shisu_ka)

The sharp rise in the cost of living continues to be a problem for Austrians and has consequences for shopping behavior. The majority of consumers have become more thrifty and are more often opting for cheaper private labels.

Almost a third of those surveyed in Austria stated that they were experiencing financial difficulties. This is the second-highest figure since inflation picked up around two years ago in spring 2022, according to the results of the latest consumer survey, which is conducted every six months by the Gfk Consumer Panel, part of YouGov. 746 people in Austria took part in the survey.

On average in the EU, 35% of households are currently in a difficult financial situation. Countries such as Spain, Hungary and Serbia are particularly affected, with around one in two households struggling with a shortage of money.

(Bild: Viktoryia Verstak)

Czech Republic and Netherlands least affected
In countries such as Italy and Croatia, the percentage is also well above the EU average at 45% in each case. Consumers in the Czech Republic and the Netherlands are currently the least affected by financial shortages at 21% each. Germany is also below the EU average at 26%, followed by Slovakia at 28% and Denmark and Austria at 29% each.

The survey was conducted in fall 2023. The British market and opinion research institute YouGov took over the GfK Consumer Panel (CP) in January 2024. In market research, a panel is when a defined group of participants, known as a panel, is surveyed repeatedly. Panel members receive rewards in the form of money and vouchers. According to YouGov, the results are representative.