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Maintain the pre-Covid standard of living? Now purchasing power worries more than before

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Progress in the vaccination process and the elimination of restrictions can be seen in the consumer confidence about the end of the pandemic. However, the impact of the Covid-19 pandemic takes a toll on the economic outlook and citizens are also showing themselves very concerned about the evolution of their purchasing power.

This is clear from the report 'Future Consumer Index', prepared by EY. According to their data, 52% of Spaniards consider that fear of the virus will be eliminated in less than a year, 21 points more than in the February report of this year. On the contrary, doubts among citizens about their economic future are also growing, with 42% showing extremely concerned about your personal finances (seven points more than in March) and 49% who affirm that their income has cut in recent months (seven points more than in February).

The decrease in the number of respondents who are extremely concerned about the economy, health or impact on society extends to the rest of the neighboring countries, except in the case of Italy where the figures have increased in all three categories. The United Kingdom and the United States are the countries where this group of respondents decreases the most, confirming the direct impact of the percentage of the vaccinated population on consumer confidence. On the contrary, the Spaniards, despite the improvement in terms of confidence and the rate of vaccination, we are the most pessimistic.

In fact, the impact on the family economy Not only is it still a top concern, but the numbers continue to rise. "The arrival of vaccines has drawn a more hopeful future about the end of the pandemic, however, the results of the survey show a citizen very concerned about the evolution of his purchasing power, an example of the enormous impact, in addition to the health , that Covid-19 has had in society and that it should accelerate the implementation of public policies that generate economic growth opportunities for all"explains David Samu, partner in charge of EY-Parthenon.

Regarding consumption prospects, the study recalls that Spain was the third country in the world in which online sales grew the most in 2020, increasing by 36% compared to 2019. On the other hand, mobile payments grew by 15%. Thus, the figures irrefutably show how the pandemic has caused an acceleration in the digital world and a consumer more aware of their purchasing habits and level of spending.

Now, the progressive stabilization of the health situation shows a consumer who feels much more confident when visiting physical stores and who progressively raise your budget on nonessential expenses. Consumption prospects also improve considerably for the categories most impacted by the Covid-19 crisis and strong growth in recreational activities outside the home is expected.

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