Inflation fears in Poland and around the world are constantly on the rise, and after a period of marked improvement in health risk sentiment, this trend is no longer so dynamic. At the same time, it seems that Poles have tamed the most serious fears about the impact of the war in Ukraine on their daily lives, according to the latest edition of the Global State of the Consumer Tracker study prepared by the consultancy Deloitte. While there is still widespread concern about the effects of the war, the percentage of people who rate it as very severe has fallen by a further 3 pp, with only one in five respondents considering them moderate.
After several months of marked calming down, experts are increasingly calling the next wave of the COVID-19 pandemic, and the number of cases is increasing in many countries. Perhaps this was why, after the previous very marked declines, in the Deloitte Global State of the Consumer Tracker survey conducted at the end of June, the health concern expressed in the previous survey continues – this is again indicated by 18 percent. early.
It’s also another edition of the survey in which respondents rated financial problems as the top concern, though the rate of such responses dropped from 63 to 60 percent. At the same time, indications related to political issues fell by as much as 12 pp, to 41%, and those related to the social dimension to 32%. (with 6 pp). Interestingly, the atmosphere of uncertainty has shifted to personal and family matters, which are already mentioned by 41% in this regard. (2 pp more). Similarly, indications regarding employment (up to 27%) and other health problems (up to 32%).
It is rising prices and the general economic situation that have the greatest impact on consumer mood today. It is therefore not surprising that the growing number of respondents indicate that they postpone major purchases for the future. What is surprising is the perception of the increases by consumers. More than 60 percent of them believe that companies are taking advantage of the inflation context to increase their margins and profits. This shows how important appropriate pricing policies will be – not only in the context of the financial results of consumer goods and retail companies, but also in building customer loyalty and trust in the brand. – says Bartosz Bobczyński, partner, leader of Consumer Industry Deloitte in Poland.
Permanent inflation worries
The first survey of consumer fears about inflation was conducted by Deloitte in September 2021. Concerns about rising prices were subsequently voiced by an average of two-thirds of respondents worldwide. Since then, this indication does not change or increases slightly (by 1-2 pp) in each subsequent edition of the survey, reaching the level of 77% at the end of June this year. The only exception was December last year, when it was 1 pp . fell
The highest indications were given at the end of last month by respondents from South Africa (89%), Spain (87%) and Ireland (86%). The statements of Polish consumers (84%) put them at the top of the ranking, although in this case we cannot speak of a constant increase only with monthly jumps of 3-4 pp – sometimes up and down. The biggest optimists in terms of possible price increases are respondents from China (59%), Japan (63%) and South Korea. (65 percent). The two new countries that participated in the survey (Saudi Arabia and the United Arab Emirates) registered the same indication – 72% each.
Almost half – 46 percent. of respondents worldwide predict that their personal financial situation will improve over the next three years. Polish respondents are more pessimistic, as only 36 percent. of them expect a positive change in their own finances, a decrease of 2 pp compared to the previous edition of the survey. Other questions also point to growing concerns about the economic situation, indications of concerns over payment card balances and savings volumes, 27 and 23 percent respectively, deteriorated by 1 pp. Interestingly, the observations of trends indicate that the dynamics of changes on a semi-annual scale remain at a similar level. – says Przemysław Szczygielski, partner, leader of services for the financial sector of Deloitte in Poland.
On the other hand, both in Poland and in the world, almost two-thirds of respondents (64%) plan to go on a business trip in the next three months. Interestingly, although in the global indications this increase is not so clear (by 3 pp), respondents from Poland significantly increased their plans in this regard – an increase of as much as 13 pp.
About the study
The last wave of the survey was conducted at the end of June 2022. It was the 32nd worldwide edition and the 26th attended by Polish consumers. In total, Deloitte experts surveyed the residents of 25 countries, in addition to Poland, they were citizens of: Saudi Arabia, Australia, Belgium, Brazil, Canada, China, Denmark, Netherlands, Spain, France, Germany, India, Ireland, Japan, Mexico, Norway, South Africa, South Korea, Switzerland, Sweden, Italy, United Kingdom, United States and United Arab Emirates.