Inflation has begun to leave its mark on domestic economies, and only a few homes have managed to avoid its effects. While many households feel economically stable, a growing number are actively taking steps to cut expenses and adjust to forecasts that point to a tougher year ahead due to rising prices.
That’s the takeaway from a survey conducted among residents of Alicante, Castellón, and Valencia by Mediterranean Marketing Club and Coto Consulting to understand consumption trends for 2023.
Results are clear: up to 80.8% of participants say they have already started monitoring personal spending more closely, and 68% report consuming less or going out less than before.
A woman pays by card in a store. Matias Segarra
In the context of restrained spending, the study’s authors note that consumers are less driven by impulse. A larger share now compares before buying (47.8%), or considers delaying purchases, reflecting a cautious approach among 39.3% of the 400 surveyed across the region.
Similarly, 96.9% of respondents indicate they would conduct multiple checks at home before spending. Austerity measures are visible as 53.3% say they curb discretionary spending to save more, while 39.8% reduce leisure activities. Yet there are notable exceptions. Younger consumers, especially members of Generation Z, who have endured social restrictions in recent years, plan to spend more on experiences and travel (23.9%).
Despite this, most daily shopping categories—food, personal care, fashion, and sports—show spending at about the same level as in 2022.
A shopping street in Benidorm. David Revenge
The survey also finds that consumers in the Community of Valencia are more pessimistic about factors beyond their control, such as national and global economic developments. Still, they remain hopeful about their own finances: 41.5% expect no change, and 16.5% expect improvement. Those who fear worsening finances cite rising material costs (47%) as the main reason.
premium price
When considering how purchases are made, most people favor speed. About 69.8% complete purchases quickly, either while searching for a product or service or within a few hours. Price emerges as the most important factor in the buying process, ahead of sustainability and brand values, which receive 74% and 58% emphasis respectively.
Those over 65 are more resistant to the slowdown in consumption due to inflation
Regarding preferred sales channels, the study concludes that a multi-channel approach dominates the search phase, with a bias toward physical stores. Yet younger consumers are more digital, placing greater weight on online searches and purchases.
Further surveys by Akdeniz Marketing Club and Coto Danışmanlık highlight flexibility, breadth of product range, and price as key reasons for online shopping. At the same time, physical stores are valued for touching and seeing products, the immediacy of availability, and the consumer’s ability to choose in person.
[Cited: Akdeniz Marketing Club and Coto Danışmanlık] The findings reflect a nuanced landscape where consumers adapt to inflation while balancing convenience, cost, and the experiential aspects of shopping.