47% of Swedish consumers expect their financial situation to deteriorate over the next twelve months. 36% expect the financial situation to get “a little” worse, while 11% fear it will get “much worse”. That’s according to a new survey from consulting firm Simon-Kucher.

– However, it is important to note that 23% of Swedish consumers actually expect things to improve over the next twelve months. So not all consumers are worried about a slowdown, says Andreas Jonason, who works as a managing partner at Simon-Kucher, in a press release.

Consumers in the Nordic countries differ from consumers in the rest of Europe in that they experience less financial uncertainty. But even though Swedes feel less insecure, they plan to reduce their consumption by 5.9% on average, a reduction slightly above the global average. Around the world, consumers expect to reduce their consumption by an average of 4.0%.

It is mainly consumer goods such as luxury goods, entertainment, furniture and leisure that consumers will reduce. However, more than a third of consumers responded to the survey that they were willing to spend more money on food.

– In addition to supermarkets and convenience stores, retail must adapt to a time when people generally shop less often than before. Manufacturers and retailers must therefore adapt their strategies in order to make the most of the interactions they always want to have with their customers, explains Andreas Jonason.

Consumers mention in the study that retail can help trotting consumption a little by offering bigger discounts, more offers and better package solutions.

– Promotions, offers and discounts can undoubtedly help increase sales, both in terms of frequency and volume. But it’s crucial that you as a merchant use offers and discounts the right way, says Andreas Jonason, and continues

– Only with the right strategy can you attract both consumer attention and greater profit.