In terms of the economy, times are undeniably uncertain.
Nearly everywhere in the world, people are being more scrupulous about their spending—cutting back on transactions with key industries because of economic uncertainty.
Our new global consumer survey revealed which industries are most likely to feel the burn in 2023, based on responses from 7,000 consumers around the world.
For a complete look at the DX trends the survey revealed, download the full report.
How consumers from seven countries will change their spending this year
Online retail gets removed from cart
Globally, 49% of consumers say they are cutting back on online shopping while the economy settles. Here’s a look at what percentage of consumers say they are reducing online shopping in each surveyed country:
Australia:52% of consumers
Germany: 52% of consumers
Indonesia: 52% of consumers
Singapore: 52% of consumers
United Kingdom: 48% of consumers
United States: 44% of consumers
The Netherlands: 41% of consumers
The travel industry may lose altitude
Just as the travel and hospitality industry began to see a post-pandemic surge, many people say that economic uncertainty will prevent them from planning trips in 2023.
Globally, 44% of surveyed consumers are cutting back on travel. Here’s how this trend breaks down by country:
Indonesia: 53% of consumers
Australia: 45% of consumers
United States: 43% of consumers
Germany: 42% of consumers
Singapore: 42% of consumers
United Kingdom: 42% of consumers
The Netherlands: 41% of consumers
Luxury goods and retailers get put on layaway
It’s perhaps unsurprising that many consumers will refrain from more luxurious purchases in the coming year.
Of total survey respondents, 43% will reduce spending on luxury goods and retailers. The percentage of consumers who say they are cutting spending in this sector varies more widely from country to country than other industries:
Indonesia: 51% of consumers
The Netherlands: 45% of consumers
Australia: 44% of consumers
United States: 43% of consumers
United Kingdom: 41% of consumers
Singapore: 40% of consumers
Germany: 37% of consumers
In-store shopping could see shorter checkout lines
While fewer people report cutting back on in-store shopping than online shopping, the numbers are still significant.
On average, 42% of surveyed global consumers say they are reducing their in-store spending. Here are the numbers by country, which cover a wide range:
Germany: 50% of consumers
Australia: 45% of consumers
United Kingdom: 43% of consumers
United States: 43% of consumers
The Netherlands: 42% of consumers
Singapore: 42% of consumers
Indonesia: 32% of consumers
Some will pull the plug on gaming
Though not as startling as online and in-store shopping decreases, the data shows that some consumers will cancel gaming subscriptions to save money.
Globally, 20% of surveyed consumers are reducing their spending on gaming because of economic uncertainty. Here are what percentage will cut back by country:
Singapore: 23% of consumers
United States: 22% of consumers
Indonesia: 21% of consumers
United Kingdom: 21% of consumers
Australia: 20% of consumers
The Netherlands: 19% of consumers
Germany: 16% of consumers
Software could have a hard year
Finally, an average of one in five global consumers say they’re canceling software subscriptions to cut back on costs.
Let’s look at what percentage are cutting spending in each surveyed country:
Australia: 23% of consumers
Singapore: 23% of consumers
United Kingdom: 22% of consumers
United States: 21% of consumers
The Netherlands: 19% of consumers
Germany: 17% of consumers
Indonesia: 14% of consumers
When consumers are spending less, their experiences on your site or app matter even more. After all, 44% of global consumers say they “don’t care” where they transact online, “as long as it works.”
The digital experience can make or break your customer or user retention. Especially in an uncertain economy, online businesses can’t afford to lose customers to digital friction.
Investing in Digital Experience Intelligence today leads to higher conversions and happier customers tomorrow. Get a demo of Fullstory to learn more.
