The high-income group also braked hard

64 percent of the population is not satisfied with their standard of living

Economic While the heavy damage caused by the purchasing power crisis had an impact on all income groups in society, the EU group, which had previously been differentiated by its level of spending and income, also reined in spending. While the variety of products included in the shopping cart in Turkey decreased by 2 percent, it was 4 percent in the EU group, which represents the highest income group.

NUMBER OF DROPPED PRODUCTS

In the research carried out by Ipsos, it is striking that the number of different products purchased by households decreased for the first time in the first 10 months of 2022, “The number of purchases of different products, which had always had a trend growing in recent years, decreased for the first time. Nor is the hypothesis valid that this lower spending at home has been offset by a greater increase in food and drink from abroad. The spending of the EU group both at home and abroad increases less than the others, the EU group slows down more. According to the research results, which indicates that high inflation changes consumer behavior across all income groups, behaviors such as less entertainment and less shopping have become widespread. According to the research, which indicated that the expenses were minimized as much as possible and the variety of products was reduced, the expenses in some groups of products and services began to be restricted with the strategy of “wait and see”.

DESPERATE CONSUMER

On the other hand, in Turkey, where 64 percent of people are not satisfied with their standard of living, half of the people think that their personal economic situation will worsen. These rates are 69 percent and 60 percent, respectively, for consumers in the EU group, exceeding the average.

We equalize by impoverishing ourselves

Assessing the results of the research, Sidar Gedik, CEO of Ipsos Turkey, drew attention to the fact that high inflation prevents households from purchasing more diverse and different products, stating that wages increased relatively less in income groups. higher income and lost income was reflected in expenses. Gedik said: “The EU is more desperate than society in general. This economic erosion, faced by the upper socioeconomic strata as consumers, is a change that should be the subject of much reflection. Of course, the objective of all countries is to have a more balanced image in the distribution of income, but we must aspire to be equal by enriching ourselves, not impoverishing ourselves.