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Home»Economy»The expectation for the future of the economy is getting worse: The rate of those who have negative expectations about the economy has increased from 50 percent to 71 percent.
Economy

The expectation for the future of the economy is getting worse: The rate of those who have negative expectations about the economy has increased from 50 percent to 71 percent.

cryptossorBy cryptossorOcak 11, 2023Yorum yapılmamış5 Mins Read
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PwC, which operates in 152 countries in the field of consultancy, audit and tax services, shared its “Consumer Insights Research 2022” report. According to the report prepared in cooperation with Ipsos, in the retail industry where multi-channel is now indispensable, online channels are growing rapidly in the purchases of consumers, while stores are turning into experience centers.

Due to the inflationary pressure that affects the whole world, purchases are brought forward, while the expectation for the future of the economy worsens. According to the research, the rate of those who have negative expectations about the macroeconomics in Turkey, which was 50 percent before the epidemic, increased to 71 percent, while 37 percent of them had optimistic expectations about their own economy. In the report, the trends of consumers were measured in 5 subjects such as economic conditions, increase in digital channels, transformation of stores into information centers, trend technologies and sustainability.

A new equation has emerged

Commenting on the results of the research, Adnan Akan, PwC Turkey Retail and Consumer Products Leader, stated that the effects of the epidemic on the consumption sector continue as the economic effects of the epidemic are left behind. Akan said that with the addition of the changing supply chain and the Russia-Ukraine war to the developments, a ‘new equation’ has emerged.

“The negative impact of the economic conditions, both globally and in our country, on the purchasing power of consumers, the increasing use of digital channels with new generations, the new store concept that has turned into an information and experience center, the evolutionary development of the adaptation of new trend technologies by consumers, rather than a revolution, as expected, and finally, The increasing importance of sustainability with the influence of new generations has created what we define as the ‘Yen Consumer’s Yen Equation’”.

There is more space than needed because the price will increase

Akan continued as follows: “Shopping has decreased as inflation has reduced purchasing power. At the moment, the prices will increase and the demand of those who want to buy as much as they can continue. This can lead to more sales. The effect of this situation to pull inflation up and down continues. However, in general, the difficult economic conditions are a negative situation for retail.

It has a higher impact especially on the lower segment. Its impact on luxury retail hasn’t been that great. But it has serious negative effects on food, apparel and electronics. On the other hand, omnichannel retail has flourished. 6 out of 10 consumers shop online. The young population also has a big impact on this. Compared to the West, the young population structure facilitates the transition to digitalization. It is necessary to foresee that the use of digital channels will increase rapidly in terms of companies.

In the reports published 10-15 years ago, there were expectations that there would be no retail stores. It’s definitely not like that. The store will remain, but it will turn into information and experience centers used to decide on shopping. In addition, the regulations set abroad and the young population led to the development of sustainability. However, consumer sustainability expects the government and companies to take action in this regard, not itself. When asked if they are willing to pay more for this, only 7 percent say yes.”

Customer-focused experiences should be prioritized

Retail and Consumer Products Sector, Management Consulting Services Leader Yiğit Arslan explained that the leading companies in the retail sector need to focus on improvements that can be made in areas such as products, channels and supply chain in order to maintain their competitive stance in the new equation emerging in the light of different customer and market expectations. Arslan emphasized that customer-oriented experience designs should be a priority in the agenda of companies.

Highlights in the report

According to the report, while the positive expectations of consumers regarding the general economy increased from 2010 to 2016, it decreased after 2016. While the rate of those who strongly agree with the question “the general economy will be better in the future” in the research was 36 percent in 2010, 40 percent in 2012, 42 percent in 2014 and 43 percent in 2016, this ratio decreased to 22 percent in 2022.

When consumers were asked about their preferences regarding the campaigns, which are among the important factors that triggered their purchasing decision, 7 to 8 out of 10 participants answered their priority preferences as discount code/coupon and free delivery.

The rate of seeing the account information used by consumers in online shopping at risk decreased to 8 percent. The rate of customers against the use of customer data for advertising and marketing purposes was 34 percent.

Awareness and frequency of use of fast delivery applications and super applications are increasing. 6 out of 10 consumers participating in the research use fast delivery food ordering applications on average 7 times a month. While more than half of the consumers use immediate delivery grocery shopping, it is seen that the highest frequency age group is the 25-34 age group with 8.2 times a month.

The categories in which stores are the most preferred source of information appear as grocery shopping, clothing and consumer electronics/electrical appliances.

my economy

Channel Consumer Effect Expectation Retail
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