Stability and prudence are the adjectives that Kantar applies to the situation of the consumer confidence during the third quarter of 2024 in its “Panorama Report”. The Spaniards remain cautious and moderate regarding the economic evolution of the country and the market, which prolongs their mentality regarding savings. This has generated a slightly negative valuation of the moment of purchase compared to previous periods, which sheds light for brands in terms of price sensitivity.
These are some of the conclusions offered by the research that the consulting firm carries out quarterly to take the pulse of the consumer. It is obtained after carrying out surveys of 1,200 individuals -400 per wave- between 18 and 65 years old, during each quarter of the year. In it he analyzes the factors that determine the consumer confidence index, which is the result of the assessments of the situation of the country, the economic situation of the home and the moment to make large purchases.
Assessment of the economic situation
The report indicates that the consumer confidence index It has stood at -3.5, which is why it has remained stable during the aforementioned period, despite the fact that the economic forecasts for Spain have been corrected slightly upwards. Thus, the confidence of Spaniards remains at similar levels to the second quarter, and remains negative, continuing the trend that has been going on since 2020.
Consumers’ assessment of the Spanish economy remains negative
Along these lines, consumers’ assessment of the spanish economy has remained negative. Kantar points out that the improvements in economic forecasts, the slight reduction in interest rates or the moderation of inflation have not yet been reflected in the valuations. Added to this are elements such as
As an example of all this, the report states that the risk of losing one’s own job continues at low figures (6%), although it has increased in the percentage of consumers who believe that unemployment will grow in the coming months. The figure has grown 4 points to 37%.
Regarding a macro level, prudence also marks the evaluations of Spanish consumers in the Eurozone. The confidence index stands at 6 points for the current situation, but at -14 points for the next six months. The prospects of economic slowdown for the whole mark the perception.
Household economic situation
Caution also invades consumer evaluations regarding the home economics. The few positive contextual factors that could influence do not translate into optimism and the outlook remains stable, although with timid signs of improving in the next six months.
However, Kantar points out that 78% of consumers have ability to meet your monthly expenses. Specifically, it points out a slight improvement among those who can comfortably handle them (31%) and among those who say it is difficult for them to make ends meet or that they make ends meet very tight (19%).
As for the saving, 79% of those surveyed claim to have savings margin. Of these, 33% share being able to save every month; while 46% say they do it occasionally. 18% say they can never save.
However, a negative evolution can be seen in the savings bag. The number of consumers who believe that their savings have decreased in recent months has increased by 5%; and those who point out that they have increased are reduced by 3%. The consulting firm points out that the data could indicate that current household consumption depends in part on savings or that the increase in prices is producing a reduction in monthly savings.
Assessment of the moment of purchase
The evaluation of the moment of purchase Nor is it going through a positive moment, despite the reduction in inflation and interest rates. The Kantar report analyzes 9 categories and 30 subcategories of products and services, and in general all of them remain stable or experience slight decreases.
Half of consumers consider that it is a good time to face training and the basket of basic products. In contrast, less than a quarter of those surveyed understand that this is a good time to spend on financial products or large purchases.
The perception of artificial intelligence
As a novelty, this wave of the “Panorama Report” provides information on the perception that consumers have of the artificial intelligence. This is mostly negative, since between 40% and 60% of respondents agree with negative statements about this technology. Particularly noteworthy is the consideration of its role in the dehumanization of services and the vulnerability of data privacy.
However, it is also perceived as positive for innovation and company productivity.
By sectors, Healthcare, education and media lead the way in where consumers believe artificial intelligence could most significantly improve their lives. Taking care of the home, food and art, on the other hand, are at the bottom of the list.
“We start from a rather negative assessment of Artificial Intelligence that both sectors and brands have to take as an opportunity to communicate better.“; commented Teresa de Ledesma, responsible for the Panorama by Kantar report, in a statement. “The advances that offer real benefits to the consumer are already being developed and it is time to face the fears of the general public and demonstrate that quality artificial intelligence, correctly applied, can facilitate many areas of their lives.”.
More info.: Kantar Panorama Report (Q3 2024)
