Economic Strain Drives 80% of Global Consumers to Cut Spending, Study Finds

Economic pressures are pushing consumers around the world to focus on value, convenience, and support for local products, according to a new global study by SOTI, a company specializing in business mobility solutions. The report, titled “Retail Technology Assessment: Opportunities to Improve Consumer Experiences,” surveyed 13,000 consumers across 11 countries and found that 35% of respondents check the origin of products or prefer those made in their own country. The study also shows that 80% of consumers are taking steps to cut expenses and adapt to changing economic conditions.

The research highlights that nearly six out of ten consumers (58%) say their ability to buy basic goods has been affected by economic factors over the past year. This impact is most pronounced in the United States (69%), Mexico (65%), Canada (64%), Australia (63%), and the United Kingdom (62%). In contrast, the effect is less severe in some European countries such as Germany, Italy, and Sweden, where the figure stands at 50%, and in the Netherlands at 49%.

David Parras, regional director for Southern Europe at SOTI, explained that today’s consumers are more connected and price-conscious than ever before. “They know exactly where and when to buy cost-sensitive products. They use technology both in physical stores and online and expect retailers to offer integrated digital platforms that provide unified, real-time experiences across all devices, apps, and channels,” Parras said. He also noted ongoing challenges with real-time order tracking and fulfillment, which create gaps in the supply chain that need to be addressed.

The report points out that current technology has not yet reached its full potential to improve shopping experiences. There is a need for more initiatives and incentives to encourage consumers to use apps, which are essential for delivering the personalization shoppers now demand. Technologies such as augmented reality and visualization tools could also play a bigger role in creating more immersive retail experiences.

According to the study, half of consumers use apps to access exclusive offers, discounts, and loyalty programs. Meanwhile, 53% appreciate the speed these tools bring to checkout processes. However, many feel these technologies still fall short of their expectations for personalization and innovation. Parras emphasized that engagement and loyalty can grow as technology becomes an essential part of retail experiences. He stressed that apps and connected devices must not only be secure but also build trust and strengthen relationships between consumers and brands.

Security and privacy concerns remain high among shoppers. In Spain, for example, 70% of consumers want more technology integrated into their shopping experiences, but security and trust are top priorities. The study found that 92% worry about some aspect of data privacy or security when shopping both online and in-store. Additionally, 94% would reconsider buying from a retailer if it had been targeted by a cyberattack.

The report reveals that 43% of global consumers have experienced some form of retail-related fraud. This figure rises to 51% in the U.S., while it is slightly lower in countries like the Netherlands (37%), Sweden (36%), and Canada (34%).

Parras said retailers face the challenge of balancing technology use with data privacy protection. “Consumers value personalization but only when they fully trust that their data is managed responsibly across all digital touchpoints,” he said. He added that transparency combined with strong security measures is essential for maintaining consumer trust—especially as even leading brands have become targets of cyberattacks worldwide.