6 out of 10 people find it difficult to make ends meet, according to the study ‘1,000 Peruvians say’. The survey carried out between the end of July and the beginning of August 2023 reveals that the increase in prices that make up the basic basket is the main concern in the country. Although price is the priority when purchasing, quality is not “sacrificed.”
In detail, 31% of respondents indicate that they “just make it to the end of the month”, when asked how they describe their economic situation; 23% find it difficult, so they chose to reduce their expenses; and 15% have even been forced to use their savings. Regarding the concerns that most haunt Peruvians, lack of work (52%) and poverty (44%) are in the third and fifth rung, respectively (see infographic).
“We are showing that, although we are less worried (compared to previous editions), in any case, we are redistributing our economy to be able to make ends meet,” says Catalina Niño, research director at Omnicom Media Group ( OMG), company in charge of the survey.
In this way, the executive maintains that there are three reasons that are influencing the distribution of spending: the incorporation of new members into families – due to the increase in births -, covering outstanding debts and social upheaval.
Furthermore, it appears that 50% consider that the Peruvian economy is worse than six months ago and within their home the outlook remains the same (52%), that is, it has not improved.
What are we stopping consuming?
The categories Technology (47%), Beer (46%), Apply for bank loans (44%) and Video games (44%) are the ones that have been purchased less frequently in the last month, as detailed by those surveyed.
It should be noted that beer production contracted by 6.4% in the first half of the year due, precisely, to the slowdown in consumption, according to the National Society of Industries (SNI). Likewise, in July commercial banks registered a decrease of 4.4% with respect to loans granted, according to Equilibrium Financiero.
On the other hand, the products that continue to be consumed the same, and in some cases more, are: Perishable foods (62%), Personal hygiene (66%), Non-perishable foods (64%) and Petcare (61%).
Regarding purchase channels, in-person channels are prioritized to purchase all types of food (50%) and household and personal cleaning items (45%).
Meanwhile, digital channels are used more for streaming services (40%), classes and courses (27%), restaurants and delivery (27%).
Fertile scenario for labor informality
In line with the ManpowerGroup employer expectations survey, which indicates that employers plan to reduce their payrolls, the OMG study highlights that people consider that the current situation for finding work is worse (47%) than before , and that it will be the same (50%) or worse (33%) in the next six months.
“It is not that at this moment there is a positive position regarding work. We know that Peruvians are entrepreneurs by nature. So, very possibly what is going to happen is that informal jobs or options for new ventures continue to grow,” the OMG research director told La República.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
