More consumers across the globe are enjoying a sense of financial stability according to McKinsey’s second annual Global Consumer Sentiment Survey. It was conducted in September 2016 across 25 countries.
Fewer consumers said they were delaying purchases, cutting back on spending, and feeling uncertain about the economy. Survey results varied by country and region, of course. The largest increases in trade-up behavior were in Western Europe—specifically, the United Kingdom, Germany, and Italy—as well as in India.
The sentiment survey, which McKinsey plans to conduct annually, offers a high-level snapshot of not only consumer sentiment but also evolving consumer behavior. Companies must keep their finger on the pulse of the changing global consumer, or else risk being left behind by savvier, nimbler competitors.