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  "documentTitle": "European Consumer Sentiment Survey: How current events in Europe are shaping consumer behavior",
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      "text": "2. What do consumers observe? Sharply rising prices on essentials, with noticeable consequences for spending priorities. A vast majority of respondents have observed price increases, especially for groceries/essentials and gasoline. German consumers cut back on savings while budgets for energy, transport, and groceries/essentials have strongly increased and are expected to rise further. Especially in certain discretionary categories, such as jewelry, accessories, and home and furniture, spend is reduced.",
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      "text": "3. How are consumers reacting? Noticeable activity, demand, and channel and brand shifts in search for value for money. 73% of consumers have changed shopping behavior in response to concerns and pressures faced in the past 3 months. Trading down is widespread, and almost half of those having changed their shopping behavior are testing private labels. There is a massive shift to discounters, with almost half of consumers who shopped at other retailers now shopping more at discounters. 44% of German consumers plan to splurge in 2022—most in dining, travel, and apparel.",
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      "text": "1. How do consumers feel? Rising prices and invasion of Ukraine dominating concerns; optimism in economy stagnating. Rising prices and the invasion of Ukraine are by far the strongest concerns of German consumers. Climate change ranks third; COVID-19 is now fourth. Rising prices are particularly worrying for low-income consumers, while unemployment and job security are now a concern for about a quarter of young consumers (Gen Z and millennials). Pessimism about economic recovery has decreased very slightly since April but is as high as during the direst COVID-19 period and much higher than in October 2021.",
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      "text": "Source: McKinsey & Company Germany Consumer Pulse Survey, 6/8–6/12/2022, n = 1,007, sampled to match German general population 18+ years",
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