Decreased consumption, decreased savings, overtime, extra employment: this is how households in the Eurozone changed their habits to deal with inflation.
A European Central Bank study shows that the majority, 69%, changed their consumption, 43% used savings, and 31% tried to increase their income.
Among those who acted solely on their own consumption, 50% tried to find better prices elsewhere, 33% reduced the quality of their purchases, and 28% reduced quantities.
In the group of those trying to increase income, 15% negotiated a salary increase, while 17% worked extra hours or got an additional job.
The study also recorded a decline in savings over the past two years, not because of increased spending on basic necessities but because of spending on travel and entertainment in general. The European Central Bank explains that the reason for this is that spending by high-income families increased more, and after the epidemic, these families recovered after restrictions on travel and leisure activities. While spending by low-income households, focused on basic necessities, moved less.
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