The end of the state of alarm in Spain brings with it changes in the economic expectations of consumers . Until now these were conditioned by mobility restrictions, social distance and job loss. Facing the return to normality and the summer holidays, the dentsu X Consumer Insights & Strategy department has carried out a study. This has been designed to find out how the three main sections that most concern Spanish households evolve: saving, spending and investment. Thus, through M1, they have analyzed the significant differences between the pre- and post-coronavirus responses of a sample of 13,000 people between the ages of 14 and 64 in Spain.
Millennials, the most affected in terms of income According to dentsu x data, the feeling of economic stagnation has increased by 10% and affects almost all age groups. However, it especially affects people between 35 and 55 years of age, in whom it rises construction companies email list 15%. This uncertainty, on the other hand, has not had an impact on their degree of satisfaction, which remains the same compared to last year. The recession has caused the disposable income of Spanish households to fall by 3.3% in 2020, the worst figure of all European countries, according to the latest Eurostat report.
One of the Most Remarkable Figures
Is that the disposable income of almost 40% of millennials (25-35 years old) has been significantly affected by the pandemic. The main reason has been job insecurity. Since 46% declare that it has had a great impact on their working life. Figures from the Bank of Spain indicate that more than 50% of the population declares to save the same or more than last year (+4% vs. 2019). This increase amounts to 923,000 million euros, which represents an increase of 10.9% compared to a year ago. Compulsive purchases and pleasure purchases increase The expenditure made by Spanish consumers decreased from 177,304 to 161,346 million euros (-9%). The most remarkable thing is that they increase the purchase of indulgence or pleasure products and compulsive behavior (15%).
“Since I go out less, I don’t mind spending more” is one of the star phrases to explain. Another noteworthy fact is the reconfiguration of interest. Which is directed towards the demand for better qualities and more durable products by 10%. Interest in investing in cryptocurrencies skyrockets, according to dentsu The consumer increases his interest in investing in the purchase. A main home during the next 12 months (11%). In improving it (13%) or in the opening of investment plans or purchase of shares, which grows by 16%.
The Growth of Alternative Forms of Investment
Is also in the interest of Spanish consumers. According to Statista , 9% of the Spanish population has or uses cryptocurrencies , but this number is only growing. As shown by the SimilarWeb traffic reports. In recent months , Binance. A cryptocurrency exchange , has been the most downloaded app in the finance category in Spain. Both on Android and iOS, above the apps of the main banks. Similarly, the volume of social media conversation around digital currencies has tripled in the last month. Compared to the same period last year. Thus, while in April 2020 the monthly mentions barely exceeded 160,000 comments, in April 2021, this indicator almost reached 580,000.
