What is Consumer Anxiety?

According to the latest report by Deloitte, an American audit and insurance firm, the Global State of the Consumer Tracker indicates that more and more consumers are experiencing peaks of anxiety about their economic conditions. In the US, 33% of people surveyed by the firm's researchers said they were experiencing more stress than in the past as a result of inflation, and in Italy the cost of living worries 46% of Millennials and 38% of GenZ. We know that anxiety disorders can be triggered by pressures in the family or workplace, but not many people are aware of the existence of Consumer Anxiety, the shopping anxiety that affects all those who are feeling the effects of the current economic crisis - that is, almost the entire population. 

While the 1980s and 1990s witnessed a serious increase in cases of compulsive shopping, today there is more and more talk of Consumer Anxiety, the second side of the coin of consumerism that itself has the same symptoms as Generalised Anxiety Disorder. According to Deloitte's report, the increase in feelings of anxiety and stress among consumers is what is driving them to decrease spending, with the exception of tourist travel. «As inflation eases, feelings of financial well-being are starting to show modest signs of recovery,» the report states. «But broader spending intentions have yet to follow suit as people focus on replenishing savings.» Fortunately, this period of economic stress appears to be easing. According to Euromonitor International's analysis, the most severe spike in inflation occurred during the last quarter of 2022 (9.1 per cent), while in 2023 - although the world economy is the slowest in decades - it is expected to fall by almost 3 percentage points. 

Consumer Anxiety adds to a trend brought to the fore by Gen Z in recent years and likely reflecting their current economic condition, namely the adoption of smart consumption practices, better known on social media as recession-core. According to a GWI report, the first signs of «crisis fatigue,» or crisis fatigue, are also beginning to be felt in this demographic, which is why their investments are particularly focusing on travel that allows them to get away from the stress that constant access to world news produces. For GWI, all generations, but particularly Gen Z, will soon become collectively hyper-attentive to their spending, shifting the focus from the product to its actual cost, and from materials to their ethical and environmental production and sustainability. Ironically, the quiet luxury we have often heard about in the early months of 2023 is not so much a consumer passion for expensive purchases, but a renewed focus on quality clothing and accessories, which in the long run allow people to spend less.