Europeans Cut Fashion Budget by 2024% in 20
The Boston Consulting Group (BCG) European Consumer Sentiment Report 2024, published on Tuesday, October 22, highlights that European consumers have cut back on fashion spending due to inflation, with the French being the biggest "squeezers," writes fr.fashionnetwork.com.
The consumer survey was conducted based on the results of the first half of 2024.
Overall, European consumers surveyed are less concerned about their personal lives than about the political situation, the economy, the social and cultural atmosphere and the environment.
In the first half of 2024, around 73% of respondents to a consumer survey in European countries said they had cut their “non-essential” spending in the face of rising prices for goods and services, and their salaries and savings had fallen (by 25% and 28%, respectively).
To offset rising food and energy costs, Europeans have cut their spending and turned to cheaper brands, especially in the clothing category (-20%). This trend has continued since last year.
It is noted that French consumers were the most sensitive to external factors. 75% of them felt “bad” or “very bad” about politics (compared to the European average of 57%), and 67% felt uncomfortable about the economic situation.
Interestingly, luxury purchases in France fell by "only" 23%. While 45% of French consumers said they bought less and less clothes in the first half of the year, 17% of luxury buyers admitted to spending more, meaning they paid higher prices for higher quality goods or bought more expensive brands.
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