Friday, March 24, 2023

26% of customers consider stopping gym due to crisis

Fitness, in check again. Europeans training in gyms will stop doing so in the next six months, if necessary. In particular, a 26% customers According to a survey by Morgan Stanley, gyms in Germany, Spain, France, the UK and Italy are set to reduce or reduce their spending on membership due to the crisis. Consumer spending cuts have intensified across the board.

According to the same survey, 18% of users have already reduced their spending on fitness in the past month, which is one percentage point higher than the previous wave in May. Half of Europe’s consumers expect the economic condition of their homes to deteriorate, with inflation being the main concern.

“Consumers are beginning to tighten their belts as a significant number of respondents say they have begun to cut: If financial pressure continues to mount, this phenomenon could intensify,” warns Morgan Stanley.

Attendance at sporting events will also be affected by the crisis. 38% of users believe they will stop spending on this type of vacation in the next six months, if necessaryWhile 34% say they have already cut on this line last month, which is two points higher than in May.

Despite this context, there are areas that have been affected more by the sport. Half of users plan to reduce their spending at bars and restaurants, while 40% plan to do the same on holidays and food delivery. On the other hand, 37% are ready to reduce their trips by car due to increase in petrol prices and 36% increase in clothing and footwear.

“European households have experienced a slight decline in finances,” says the unit, which recalls that 47% of consumers are reaching the end of the month with some money, compared to 51% in the May wave. Furthermore, 32% of users have hardly any money left at the end of the month, so they usually rely on financing or loans to pay their bills. This figure represents two points higher than the previous survey.

This incident will get worse. A third of users estimate that their condition will be worse at home. In fact, the number of people fearing a coup has increased by five percentage points to 36%. On the other hand, only a fifth of consumers believe that the situation will improve. The UK is the most pessimistic market.

A third of consumers do not want to use their savings to maintain their current lifestyle, while 40% of Europeans think otherwise, so they can use their savings to help maintain their current standard of living Although this condition is average. can only last for eight months,

The consumers who cut their spending the most would be those with higher purchasing power. According to Morgan Stanley, the number of high-income consumers looking to cut spending at pubs and restaurants has skyrocketed. “It’s a trend that also occurs in the United States,” says Banks, who maintains that even lower earnings are assuming increased risk.

On the other hand, consumers will also cut down on food if necessary, choosing lower-priced options. In fact, respondents have already started shaving along this line, so there will be an increase in white brands.

Nation World News Desk
Nation World News Desk
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