Inflation has started to leave its mark on domestic economies, and only a few homes have managed to escape its consequences. While many households feel confident about their personal financial stability, even if situations worsen slightly, a growing number are taking precautionary steps. They are cutting expenses and adjusting expectations for what promises to be a challenging year due to rising prices.
That was the takeaway from a recent survey conducted among residents of Alicante, Castellón, and Valencia by the Mediterranean Marketing Club and Coto Consulting to gauge where consumption trends are headed in 2023.
The results are clear: up to 80.8% of participants say they have already started to curb spending, and 68% report that they are buying less or going out less than before.
In the context of tighter spending expectations, the study’s authors suggest that consumers have shifted away from impulsive buys. Instead they tend to compare before purchasing (47.8%) and to reflect on purchases or consider delaying them (39.3% of the 400 respondents, reflecting a more considered approach).
Similarly, 96.9% of participants indicate they would conduct different studies at home, with austerity measures guiding spending. A notable portion say they will prioritize essentials, limit discretionary spending, or reduce leisure activities (53.3% and 39.8% respectively). Among younger generations, Generation Z—those who have endured the most extensive restrictions on social life—are more likely to allocate funds to experiences and travel (23.9%), seeking value and personal enjoyment despite broader constraints.
Nevertheless, daily shopping across categories such as food, personal care, fashion, and sports largely shows the same level of spending as in 2022 for many respondents.
Overall, consumers in the Community appear more pessimistic about factors outside their control, largely tied to the national and global economic trajectory. Yet optimism persists at the personal level, with 41.5% expecting their situation to stay the same and 16.5% predicting improvements. Those forecasting further declines point to rising material costs (47%) as the main driver.
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When it comes to decision-making before a purchase, most people prioritize speed. About 69.8% complete a purchase within hours while still researching the product or service. Price remains a central criterion in the buying process, followed by sustainability (74%) and the brand’s values (58%).
Those over 65 are more resistant to the slowdown in consumption due to inflation
On preferred sales channels, the study finds a multi-channel approach dominates the product search phase, with a steady preference for physical stores. The purchase phase still leans toward in-person buying, though younger shoppers are more inclined to shop online and research digitally.
Surveys by Akdeniz Marketing Club and Coto Danışmanlık highlight the appeal of flexibility, broad product ranges, and price as key reasons people choose online purchases. In contrast, the values of physical stores center on touching, seeing, and immediately obtaining products, with the ability to find items quickly and shop directly being major advantages. This duality reflects a marketplace where online and offline channels coexist—each meeting different consumer needs and moments in the buying journey.