Last Wednesday, February 8, the company Packlink shared with Cointelegraph en Español, a analysis of what could happen according to their surveys carried out in several European countries regarding inflation in the sector.
after a year Marked by economic uncertainty, Spain has been able to close 2022 with a 5.5% rise in GDP. However, the predictions are less rosy for this year..
Last week, the International Monetary Fund (IMF) pointed out that The Spanish economy will slow down in 2023 until reaching a growth rate of 1.1%. The main cause of this slowdown will be inflation, which remained close to 8.5% last year, and which according to the international organization, it will stand at 3.7% this year. Data that, according to the report carried out by Packlink, will add 7.9 billion euros to the e-commerce sector in Spainwhile the volume of sales would be reduced by 2.5%.
“To try to deal with this inflationary situation, consumers are looking for ways to save in your day to day. In fact, 76% of Spaniards affirm that they will change their consumption habits during this year. Of these, 58% consider themselves buyers by necessity, that is, those who make discretionary purchases only when it is really necessary, maintaining strict control over their personal finances.”, they explain in the analysis.
The survey, carried out on more than 8,000 people from eight countries, including Spain, also indicates that 84% of consumers are concerned about the economic outlook, especially due to inflation, being the greatest concern of 57% of those surveyed. This explains that In both Spain and Italy, shoppers are likely to shop less online this year, thus adopting a more disciplined approach to their shopping habits.
“By categories, Spaniards will maintain their habitual consumption of games and books (31%), as well as health and beauty (26%). In this sense, the cosmetics sector is known for its resilience in times of economic difficulties, due to the ‘lipstick effect’, which indicates that this type of product helps to raise the morale of citizens In difficult times. On the other hand, consumers plan to cut their budget on clothing (22%) and DIY products (22%). Although this cost containment will have a greater impact on lower incomes, high-income consumers will also be affected by the current economic situation. Thus, 61% of the wealthiest plan to restrict or cut their spending over the next year”, they reveal in their study.
For his part, e-commerce could also be affected due to the current situation, since, according to the survey carried out by Packlink to more than 730 small companies from eight international markets: “80% of respondents plan to increase the price of products, with 40% saying that rising costs will be the main challenge for their operations in 2023. Despite this, many vendors remain optimistic about the outlook for this year. In fact, 80% of SMEs expect order volumes to be the same or higher (59%) this year, while a third expect them to increase by 10% or more”.
Noelia Lázaro, Marketing Director of Packlink pointed out: “The impact of inflation on the Spanish market and the markets around us will continue to be present during 2023. However, there are positive notes in this scenario. Although consumers have reduced their volume of purchases, each time we opt for a more selective consumption model and prioritizing needs. This framework opens a window of opportunity for those e-commerce that want to position a quality product and service adapted to their users.”.
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