Market research on inflation and perception of price increases
Posted: Wed Dec 11, 2024 9:02 am
We have ventured to put together a market study on inflation and perception of price increases. In this article we share the results of the first survey, carried out in the last quarter of 2022 with a representative sample of the Spanish population.
Market study on inflation and price perception
We conducted this survey in November 2022 on perceptions of rising prices and inflation .
This is a representative sample of the Spanish population.
Participants: 1003 people
By sex: 49.7% men; 50.4% women
By age: 41.87% between 18-39 years old; 58.1% over 40 years old
Geographical area: launched throughout the state. The highest participation has been recorded in: Andalusia (19.64%), Catalonia (17.45%) and the Community of Madrid (14.56%)
How do citizens perceive the rise in prices?
We asked our respondents in this market study about inflation and their perception of rising prices.
Clearly, across all types of profiles and with a resounding 98% they considered that prices rose in the latter part of 2022 .
Going a little deeper into this question, we also asked them what they thought the percentage of this increase was. The average response was 25.73% increase.
The segment of respondents who most noticed the rise in prices corresponds to those people with a low socioeconomic profile , who noticed an increase of 31.70%, followed by the middle socioeconomic profile, which valued it at 25.09% and finally, the high socioeconomic profile, 21.69%. That is, the poorest population compensated almost 10% more for inflation than the richest population.
At this point the first interesting conclusion emerges.
The average perception of price increases by gambling data malaysia phone number respondents is higher than the actual increase reflected in the CPI, almost 26% compared to 6.8%, which is the actual index.
Market research on inflation and price increases
In what aspects have citizens most noticed the rise in prices?
The sectors in which respondents have strongly reported an increase in prices have been food (95.7%), fuel (87%) and energy (81%) .
Behind them, to a lesser extent, are housing rentals (50.3%), cosmetics and cleaning products (44.9%), leisure and culture (43.9%) and fashion (41.6%).
Market research on inflation and price increases
A priori, there are no significant differences between the socioeconomic archetypes, although it is in the less prominent sectors where some more significant differences begin to emerge, especially between the low-medium and high archetypes.
This can be seen if we compare the percentages of the middle-low socioeconomic archetypes with the average, which are higher than the average. The average of the high socioeconomic profile, on the other hand, is not. Thus, while the average increase perceived in cosmetics and cleaning products has been 44.9%, it can be seen that for people with medium purchasing power, this index rises to 52.5% and 47.7% in the case of the low socioeconomic archetype. And the same in the case of telecommunications: the average perception was 26%, while it was 23.1% for people with the highest level, 28.1% for those with medium purchasing power and 27% for those with low.
How much have prices gone up?
At this point we also see large differences between the actual price increases by sector and the perception of these increases according to the people surveyed . In practically all sectors, the perception of a much greater price increase than what has actually occurred is that of the sector.
The 3 sectors that have had the most notable influence on Spanish homes are the following:
1. Fuels: those surveyed have noticed, on average, a 33.8% increase in fuel prices, compared to the real increase of 14.2%.
2nd Energy, with 33.1% versus 38.7%.
3rd Food, with 25% vs 15.3% of the real one.
As for these three, it is in the food sector where we find a relevant difference between the high and low socioeconomic archetypes, a difference that amounts to 5 points: an increase of 22.3% according to people with high purchasing power and 27.5% according to those with lower purchasing power.
Market study on inflation and price perception
We conducted this survey in November 2022 on perceptions of rising prices and inflation .
This is a representative sample of the Spanish population.
Participants: 1003 people
By sex: 49.7% men; 50.4% women
By age: 41.87% between 18-39 years old; 58.1% over 40 years old
Geographical area: launched throughout the state. The highest participation has been recorded in: Andalusia (19.64%), Catalonia (17.45%) and the Community of Madrid (14.56%)
How do citizens perceive the rise in prices?
We asked our respondents in this market study about inflation and their perception of rising prices.
Clearly, across all types of profiles and with a resounding 98% they considered that prices rose in the latter part of 2022 .
Going a little deeper into this question, we also asked them what they thought the percentage of this increase was. The average response was 25.73% increase.
The segment of respondents who most noticed the rise in prices corresponds to those people with a low socioeconomic profile , who noticed an increase of 31.70%, followed by the middle socioeconomic profile, which valued it at 25.09% and finally, the high socioeconomic profile, 21.69%. That is, the poorest population compensated almost 10% more for inflation than the richest population.
At this point the first interesting conclusion emerges.
The average perception of price increases by gambling data malaysia phone number respondents is higher than the actual increase reflected in the CPI, almost 26% compared to 6.8%, which is the actual index.
Market research on inflation and price increases
In what aspects have citizens most noticed the rise in prices?
The sectors in which respondents have strongly reported an increase in prices have been food (95.7%), fuel (87%) and energy (81%) .
Behind them, to a lesser extent, are housing rentals (50.3%), cosmetics and cleaning products (44.9%), leisure and culture (43.9%) and fashion (41.6%).
Market research on inflation and price increases
A priori, there are no significant differences between the socioeconomic archetypes, although it is in the less prominent sectors where some more significant differences begin to emerge, especially between the low-medium and high archetypes.
This can be seen if we compare the percentages of the middle-low socioeconomic archetypes with the average, which are higher than the average. The average of the high socioeconomic profile, on the other hand, is not. Thus, while the average increase perceived in cosmetics and cleaning products has been 44.9%, it can be seen that for people with medium purchasing power, this index rises to 52.5% and 47.7% in the case of the low socioeconomic archetype. And the same in the case of telecommunications: the average perception was 26%, while it was 23.1% for people with the highest level, 28.1% for those with medium purchasing power and 27% for those with low.
How much have prices gone up?
At this point we also see large differences between the actual price increases by sector and the perception of these increases according to the people surveyed . In practically all sectors, the perception of a much greater price increase than what has actually occurred is that of the sector.
The 3 sectors that have had the most notable influence on Spanish homes are the following:
1. Fuels: those surveyed have noticed, on average, a 33.8% increase in fuel prices, compared to the real increase of 14.2%.
2nd Energy, with 33.1% versus 38.7%.
3rd Food, with 25% vs 15.3% of the real one.
As for these three, it is in the food sector where we find a relevant difference between the high and low socioeconomic archetypes, a difference that amounts to 5 points: an increase of 22.3% according to people with high purchasing power and 27.5% according to those with lower purchasing power.