Change in the Behavior of Spanish Consumption
The Kantar Consumer Perspectives Report, which its manager in Spain is Pepe Martínez, analyzes consumer confidence in Spanish territory based on the economy and the country in general. As expected, the COVID-19 virus has had a negative effect on the assessment of the overall situation.
The valuation based on the economic situation, has fallen dramatically, reducing by 34 percentage points to a valuation of -61 points. Taking the reference of the 2009 crisis, in which it stood at -95 points, we know that, although there has been a large reduction, the previous crisis is still even stronger. Also, this assessment has been affected by the application of ERTES and the measures for the self-employed, which will eventually end and there could be a change in that assessment.
The economic forecast for the future continues to have a lot of uncertainty since, according to this article, many people think that this has only been a slowdown or something temporary and that when it happens, there will continue to be the same situation that there was before, although when we talk about perception of our own income the opinion changes, 19% of Spaniards think that their income may fall and 27% do not know what will happen in the future, placing these indicators very similar to those that existed in 2013.
Also, a third of the population thinks that it is time to reduce the level of consumption and with it, a growth perspective for private labels since 38% of Spaniards think about choosing private labels ahead of other brands of recognition. On the contrary, 37% think about continuing to buy the brands that are recognized to maintain the security they provide.
In summary, the COVID-19 crisis has affected our lives and our consumption and depending on how different issues such as ERTES and others are solved the consumption of Spaniards will be affected. What is evident is that we are witnessing something out of the ordinary and that, the more aware we are of it, the better decisions we can make for our future, both individually and collectively.