bcg-欧洲消费者仍在缩减开支 European Consumers Are Still Cutting Back

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CONSUMERPRODUCTSINDUSTRY

EuropeanConsumersAreStillCuttingBack

By

AndreasMalby

,

NicolasdeBellefonds

,

RohanSajdeh

,andVishakhaChopra

ARTICLEJUNE09,202612MINREAD

Europeanconsumershavebeennavigatingaprolongedperiodofeconomicstrain.Inflationandfearofapotentialrecession

raisedconsumerpessimism

abouttheeconomyin2025to54%,up5pointsfromtheprioryear.Thattrendcontinuedin2026,increasingto56%,asconsumerssaythatrisingenergypricesandgeopoliticaltensionsareimpactingthem.Consumersalsoshowgrowingpessimismaboutpoliticsandtheirpersonalfinances.(SeeExhibit1.)

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Personalhealthisanexceptiontothisnegativesentiment.Nearlytwothirds,or65%,of

consumersratetheirmentalhealthand56%ratetheirphysicalhealthasgood.ThesefindingsemergefromourthirdannualsurveyofEuropeanconsumers.Wesurveyedmorethan20,000consumersin11Europeancountries.(See“Methodology.”)

Methodology

FromApril2to22,wepartneredwithNativeResearchtosurveyapproximately

1,800consumersineachof11Europeancountries:Denmark,Finland,France,Germany,Italy,Norway,Poland,Romania,Spain,Sweden,andtheUK.

Respondentsansweredquestionsabouttheircurrentconcerns,personal

financialsituations,andshoppingbehaviorsacross12consumercategories.

Year-on-yearcomparisonsdrawontwopriorsurveys:anApril2025surveyofninecountries(Denmark,France,Germany,Italy,Norway,Romania,Spain,Sweden,andtheUK,totaling16,412respondents)andaJuly2024surveyoffivecountries

(Denmark,France,Germany,Sweden,andtheUK,totaling7,000consumers).

Comparisonswith2025and2024includeonlythecountriessurveyedinthatyear.

Thesurveycapturesconsumersentimentbylookingatnetspending—the

percentagedifferencebetweentheshareofconsumersreportingtheyhaveorwillspendmoreandthosereportingtheyhaveorwillspendless.Aswithall

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sentimentmeasures,actualpurchasingbehaviortendstobemoremoderate

thanstatedintent,particularlyindownturns.

FinancialStressIstheDefault

Thispessimismiscausingfinancialdistress.Morethanhalf,or53%,ofEuropeanconsumersareworriedabouttheirdailypersonalfinances,upfrom40%in2024.Sixintenareconcernedabouthavingenoughmoneyinretirement.(SeeExhibit2.)

Givenahypotheticalwindfallof10%to15%extraincome,nearlyhalfofconsumerssaidtheirtopprioritywouldbetosavemore,signalingthattheyarefocusedonbuildingafinancialbufferandmaynotspendmorerightawaywhentheeconomyimproves.Theirsecondprioritywouldbeto

spendonexperiencesliketravelanddiningout,followedbyotherdiscretionarycategories.

ABigLeapTowardEssentials

gp

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Theshifttoessentialshascontinuedanddeepened.Thesurveycapturesconsumersentimentbylookingatnetspending—thepercentagedifferencebetweentheshareofconsumerswho

reportedincreasedspendingandthosewhoreporteddecreasedspending.

Overthepastsixmonths,groceriesandpetcarearetheonlycategoriespostingpositivenet

spending.Thisreportedgrowthisprimarilyfueledbyincreasingpricesratherthangreatervolume.Everyothercategoryisflatornegative.Asin2025,consumersreportthelargestnegativenet

spendingonfashion,alcohol,andpackagedsnacks.(SeeExhibit3.)

Evenwithincategories,consumersaremakingsharpdistinctionsbetweenessentialand

indulgentitems.Forexample,withinfashion,footwear(–12pointsnetspending),casualwear(–13points),andsportswear(–14points)haveheldupbetterthanformalandeveningwear(–20

points),handbags(–23points),andaccessories(–22points).Withinpetcare,thecategorywith

thehighestoverallpositivenetspendingsentiment(12points),consumersreportspendingmoreoneverydaypetfood(19points)thanonpetaccessories(–10points).

Consumersofallincomesandagesarepullingbackfromcategoriesmisalignedwiththeirhealthgoals.Theyreportsharplydecreasingtheirspendingonalcohol,sugarysnacks,icecream,and

beverages.

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TheGreatGenerationalDivide

Thereareage-relatednuancestothisoverallpicture.Youngerconsumersreportcuttingless

relativetooldercohorts.Overthenextsixmonths,reportednetspendingamongGenXandBabyBoomersis–13points,andforGenZandMillennialsitis–2points.This11-pointdeltaincreasedby2pointsover2025,drivenbyoldercohortscuttingevenfurtherthisyear.

Thegapwidensmeasurablyinindividualcategories.Infurniture,youngerconsumersreportnetspendingof+3points,comparedwith–22pointsforolderconsumers,a25-pointgap.Infashion,thenetspendingis23pointshigherforyoungconsumers;inhomeappliances,16points.(See

Exhibit4.)

Lifestagemorethanincomelikelyexplainsthedifference.Youngerconsumersarespendingtocreateahomeandraiseafamily,evenunderfinancialpressure.Whenaskedabouttheirreasonsforspendingless,youngergenerationssaidtheyweretradingdowntoless-expensivebrandsorstoresorbuyinglower-qualityitems;olderconsumerssaidtheywerereducingoverall

consumption.

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Theyoungergenerationarelessloyaltobrands,withonly28%reportingtheyusuallybuythesamebrand,comparedwith44%ofolderconsumers.Theyarealsomorethantwiceaslikelytobuysecond-handgoods.

HealthIstheNewWealth

Againstabackdropofbroadspendingcuts,healthandwell-beingarebecomingessentialsinconsumers’minds.Two-thirdsofEuropeanconsumerssayhealthandwellnessareextremelyimportanttotheirlifestyle.Theiractionsreflectthisconviction.Nearlyhalf,or46%,report

drinkinglessalcoholorareconsideringit.Manyconsumersarechoosingabstinence,withonly28%choosinglow-orno-alcoholalternatives.(SeeExhibit5.)

Insnacks,theshifttowardfunctionalandclean-labelformatssignifyingsimple,natural

ingredientswithminimalprocessingandnoartificialadditivesshowsupbothinattitudesand

reportedspending.Indulgentsub-categorieslikechocolates,icecreams,andcookiesareamongtheweakestinthesurvey,whilehealthierformatslikeprotein-fortifiedsnacksareperforming

better.Supplementsaregrowing,with29%ofconsumersreportingincreasedspendinginthepastyear.

GLP-1appetite-suppressingmedications,suchasOzempic,Wegovy,andMounjaro,haveachievedremarkableconsumerawareness.Nearlythree-quartersofEuropeans,or74%,knowwhatthey

are.OneinfourEuropeanconsumersreporteitherusingthemorareseriouslyconsideringdoingso.GenZandMillennialsaremorelikelytoconsiderthesemedications(19%)thanGenXand

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BabyBoomers(8%).Ifthisawarenessconvertstoconsumption,theimplicationsforfood,personalcare,andhealthcategorieswillbemeaningful.

Thehealthandwellnessmindsetalsoappliestopetcare.Sixintenconsumersreporttheyare

willingtospendmoreonhigh-qualitypetfood,and68%wantclearlylisted,recognizable

ingredientsinpetfood.Inthisrespect,theyhavehigherstandardsforlabelingofpetfoodthan

humanfood.Petcareiswherehealthandwellnessconcernsmeetemotionalspending,makingitabrightspotinanotherwisesubduedconsumerlandscape.

ThePriceIstheMessage

Aftertwoyearsofuncertaintyandcut-backs,value-seekingisnowdeeplyembeddedinconsumerbehavior.Nearlytwo-thirds,or63%,ofconsumerswillonlybuyatadiscountoractivelyseekdeals—thesameaslastyear.Infashion,thatsharereaches73%.Eveninover-the-countermedicines

andsupplements,thecategorywiththehighestbrandloyalty,halfofconsumersarehuntingforabetterprice.

Brandloyaltyisonadecline,with62%ofconsumersreportingthattheyarewillingtoswitch

brandsforbetteroffers.Thewillingnessexceeds70%incategoriessuchasfurnitureandfashion.Thistranslatesintoreportedpurchasingbehavior.Asignificantshareofconsumers(44%)say

that,intheirmostrecentpurchase,theyhaveeitherswitchedtoabrandtheydon’tnormallybuyoronetheyhaveneverboughtbefore.Thisshiftisreinforcedbythesteadyriseofprivatelabels,particularlyingroceries(39%ofconsumersalwaysoroftenbuyprivatelabelbrands),homecare(30%),andfashion(29%).

Discountsandin-storevisibilityarethestrongestinfluencesconvertingconsumersinto

purchasersandthetopreasonforbrandswitching.Brandreputationranksfifth.Forbrandsthatfocusonbroad,mass-reachmarketing,thesefindingscallintoquestionthebeliefthatawarenessleadstoconversion.(SeeExhibit6.)

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SustainabilityIsLosingMomentum

Asvaluerisesinimportance,sustainabilityhasbecomelessinfluentialinpurchasedecisions.

Theshareofconsumerswhoreporttakingsustainabilityintoaccountdeclinedbyanaverageof3percentagepointsacrosscategoriesin2026fromayearearlier.However,thispullbackisnot

uniform.Incategoriessuchashomecare,groceries,fashion,andpersonalcare,consumerssay

theyareslightlymorelikelytoconsidersustainabilityintheirpurchasingdecision.(SeeExhibit7.)Willingnesstopayapremiumthoughremainsstablewith17%ofconsumers,oroneinsix,willingtopayagreenpremiumforsustainableproducts.

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Thesecond-handmarket,ontheotherhand,continuestoexpand.Nearlyhalfofconsumers,or

47%,reportthattheysometimes,often,oralmostalwaysbuysecond-handproducts,rising4

pointssincelastyear.However,theunderlyingmotivationisprimarilyeconomicratherthan

environmental.Amongsecond-handbuyers,46%citesavingmoney,21%citeaccesstopremiumbrandsatlowerprices,andjust17%pointtosustainabilityastheprimaryreason.Thisshift

positionssecond-handasavalueand“smartconsumption”channel,especiallyamongGenZandMillennialswhoarenearlytwicemorelikelytobuysecond-handitemsthanoldercohorts.

DigitalChannelsAreReshapingDiscovery

Theuseof

GenAI

toolssuchasChatGPT,Gemini,andCopilotinproductdiscoveryhasquadrupledsince2024,with8%ofconsumersreportingtheyregularlyusethem.Usageishighestinresearch-ledcategorieslikehomeappliances(13%)andOTCmedicines(11%)andlowestinimpulse

categorieslikepackagedsnacksandbeverages(5%).

Thefastest-growingdiscoverychanneloverallissocialmedia,particularlyamongyounger

consumers.Nearlyone-thirdofGenZandMillennials,or32%,useInstagram,and27%useTikToktofindandresearchfashion,comparedwith11%and6%,respectively,forolderconsumers.

Influencerandcelebrityrecommendationsmatterto15%ofyoungerconsumersinfashionand

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personalcareversus3%foroldergenerations.BothGenAIandsocialmediaaregrowingatthedirectexpenseofgeneralinternetsearch,whichisflattodecliningacrosseverycategory.

Storesremainsignificantforclosingthesale,with40%ofconsumersrankingthemfirstin

influencingtheirfinalpurchasedecision.Sowhilediscoveryincreasinglyhappensonline,storesremainvitalforconversion.

FocusonGrowthandExecution

Thefindingsofthissurveyshowthatconsumerbrandsdonotneedafundamentalstrategicreset.Thetrendsidentifiedin2025havepersistedin2026,confirmingthattheshiftsinconsumer

beliefsandbehaviorsaremorestructuralthantemporary.Theagendasharpensaroundfourpriorities.(SeeExhibit8.)

Creatingstructuralvalueisessentialasvalueremainstheprimarypurchasedriverand

consumerscontinueseekingdeals.Brandsshouldcutcostsaggressivelytodeliverbettervaluetoconsumerswhoaretradingdownorswitchingforabetterprice.Brandsshouldmaintain

promotionalinvestmentbutuseAItooptimizehowthatspendisdeployedtomaximizeROI.Inthemediumterm,brandsshoulddirectinnovationinvestmentstowardfunctionalinnovationasconsumersreportprioritizingfunctionalityoveraestheticsorbranding.

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AligningnewdemandgenerationwithGenZandMillennialsiscriticalastheywilldrivea

disproportionateshareoffuturegrowth.Brandsshouldredirecttheirmarketingspendingand

rebuildgo-to-marketcapabilitiestowinyoungerconsumers,whohavesignificantlylessbrand

commitment.Brandsshouldintegrateflexibleownershipmodels—includingrental,subscription,resale,andfinancingoptions—givenyoungerconsumers’willingnesstobuysecond-handgoods.Companiescanalsopromoteloyaltyandrewardsprogramstobuildrelationshipsearlywith

youngerconsumers.

Capturingshareinthegrowinghealthsegment,becauseitisoneofthefewareaswhere

spendingremainsresilient.Brandsshouldrebalancetheirportfoliotowardhealth-alignedSKUsandprepareforthestructuraldemandshiftsthatGLP-1adoptionwillaccelerate.BrandsshouldassessM&Aopportunitiestomoveintohealth-adjacentcategoriesandalignmarketingwith

targetedhealth-orientedmessaging.Consumersrespondtospecificfunctionalbenefitsovergenericpositioning.

Winningthedigitaldiscoveryjourneyrequiresinvestinginthechannelsthatareleadingproductdiscovery.Socialmediaistheprimarydiscoverychannelforyoungerconsumers.Brandsshould

optimizecontentandinvestindiscovery-to-purchasepathwaystoconvertatthemomentof

highestintent,includingin-appcheckoutandaffiliatelinks.BrandsshouldberelevantinGenAIqueries,asconsumerusageinproductdiscoveryhasquadrupledintwoyearswhiletraditionalsearchhasdeclined.E-commercecontinuestobeahigh-growthpurchasechannelandwarrantssustainedinvestment.

Explorehowtheseconsumertrendsareplayingoutatthecountrylevel.

Denmark

Germany

Poland

Sweden

Finland

Italy

Romania

UK

France

Norway

Spain

TheauthorsthankAbiSonnenbergandMartinaScroccofortheircontributions.TheyalsoacknowledgeBCG’sCenterforCustomerInsights,especiallyTimSchulzvanEndertandGabyBarrios,fortheirsupportand

NativeResearchforconductingthesurvey.

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AboutBCG’sCenterforCustomerInsight

BostonConsultingGroup’sCenterforCustomerInsight(CCI)appliesa

unique,integratedapproachthatcombinesquantitativeandqualitativeconsumerandcitizenresearchwithadeepunderstandingofbusiness

strategy,competitivedynamicsaswellaspublicpolicycontext.The

centerworkscloselywithBCG’svariouspracticestotranslateitsinsightsintoactionablestrategiesthatleadtotangibleeconomicimpactand

improvedpublicoutcomesforourclientsacrossboththeprivateand

publicsector.Inthecourseofitswork,thecenterhasamassedarichsetofproprietarydataonconsumersandcitizensfromaroundtheworld,inbothemerginganddevelopedmarkets.