GfK survey: concerns of the Swiss have an impact on consumption

Current data from the GfK Consumer Life survey show what is currently worrying the Swiss most - first and foremost inflation. Nevertheless, they are more optimistic than their neighbor Germany.

Image: Timon Studler; Unsplash.

Fear of inflation is leading the worry barometer this year. Accordingly, the Swiss are also increasingly concerned about rising healthcare costs and having enough money to pay their bills. These worries are in second and third place, pushing concerns about climate change down to fourth place.

Compared with neighboring Germany, the Swiss are more optimistic about the future. Despite concerns about inflation and rising prices, just under 60 percent of Swiss people are optimistic about the future and expect their own economic future to improve in the coming year.

Younger people and men in particular are very confident in this respect. In Germany, only 46 percent expect their own economic situation to develop positively. Regardless of the economic situation, climate change remains an important issue for the Swiss, even if it falls from first to fourth place. For those who are very worried about inflation and price increases or are afraid they will no longer be able to pay their bills, climate change is currently a lower priority. For the young generation of 15- to 29-year-olds, however, climate change is the second most important concern.

Trend toward conscious and sophisticated consumption

Current concerns are having an impact on current consumer trends. Conscious and discerning consumption is a trend that is currently gaining in importance. Around a third of the Swiss prefer to own fewer, but high-quality products. However, quality is not the only decisive factor. Consistency with one's own values also plays a role: Around a quarter of Swiss consumers only buy products and services that correspond to their beliefs, values or ideals.

At the same time, the need for experiences is growing again at the moment. Already during the Corona pandemic, many consumers became aware of how valuable experiences are for well-being. Back then, it was partly simple things like spending time in nature or meeting up with friends. Today, it is the experiences that were not possible for a long time: Trips abroad or even major events. 36 percent of the Swiss currently think that experiences are more important than possessions.


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