B2 – Upper intermediate
According to a global study carried out by consultancy firm, Nielsen, 86% of the Spanish claim to have changed their buying habits over the last year in order to save on household expenses.
This percentage is “well above the European average,” which is currently at 65%. The study noted that 18% of the Spanish have no money left at the end of the month after covering their basic needs. Among those who have some money left, 41% is spent on leisure activities/entertainment outside of the home, 37% on savings, 29% on clothes, 25% on holidays, 24% on paying off debts or loans and only 6% is dedicated to pension plans or investments.
The report highlighted that 85% of those questioned believe that now is not a “good time” to buy things they do not want or need. Nielsen pointed out that this “negative” view over buying, is the view held by the majority throughout Europe.
The actions the Spanish are taking in order to save are to spend less on entertainment outside the home (69%); spend less on gas or electricity bills (65%); reduce spending on telephones/communications (58%), buy fewer clothes (56%) and take less holidays (51%).
The consultant noted that a “large part” of those interviewed said that they will maintain these cost-cutting measures even when the economic situation improves, “especially when it comes to reducing their spending on bills.”
Spanish among the most pessimistic
The consumer confidence index in Spain fell four points during the third quarter, reaching 48, “which puts it at the bottom of all the countries of the world.” The European average is currently 74 points, whereas the world average is 92.
El Economista reported that 96% of Spanish consumers believe the country is in recession, and 82% do not foresee an improvement in the next twelve months.
Discussion Questions:
1. What brought about the changes in the Spanish’s spending habit?
2. What do you think about the Spanish spending habit?
3. What is your spending habit like?
4. What changes have you done in your spending habits over the years?
5 replies on “Spanish Spending Habits”
1. What brought about the changes in the Spanish’s spending habit?
I think that the changes occured in the Spanish´s spenging habit was produced by the economic crisis.
2. What do you think about the Spanish spending habit?
I think that are accurate taking in to account that we like to spend time outside home, going to restaurants, bars and so on.
3. What is your spending habit like?
My spending habit is actually saving more than the 50% of my salary, 25% food and household expenses and the rest for entertaiment activities outside home and travel (before covid-19)
4. What changes have you done in your spending habits over the years?
The main change I have done in my speding habits is saving more money instead of spending in clothes, travel… and so on.
We appreciate your time and efforts writing your answers to our questions.
Here is a sentence that you can improve:
1. What brought about the changes in the Spanish’s spending habit? I would like to say that Spanish´s change the spending habits because of the growth in inflacion, this caused the growth pricing in the basic needs like food, energies, petrol…
2. What do you think about the Spanish spending habit? I think Spanish spending habits have to be more estrict, people should keep more money to pay basic needs and savings.
3. What is your spending habit like? My spending habit is focus on pay basic needs, bills and savings.
4. What changes have you done in your spending habits over the years? The changes I have done are: reduce spending on clothes, entretaiment and holidays.
Welcome to the Phoneenglish blog! Good job writing your responses to your lesson’s discussion questions.
Take note on how you can revise this sentence:
Keep being consistent in your writing practice.
I agree with the Nielsen study about that Spanish people decreased their household expenses and I think that now they still do it. Many people have serious problems to have some money at the end of the month and they can’t save money for pension plans or investments. They live day by day, trying to eat, get or maintain their jobs, take care their children and be happy.
On another hand, in my environment, I see people prefer go out to the bar to drink something before going on holidays and do entertainment activities before buy clothes, for example. Spanish people are very pessimist because of about all politicians and banks are not honest and reliable.
But not everything is bad. Now people is more responsible about their money and their family. They try to have more savings for the future and apply cost-cutting measures to live better. Besides, families are more united and talk more each others.
I am normally saver. I don’t like spending money in things that I don’t need really. I always prefer have some savings just in case. You don’t know what the future wishes for you. I don’t go out with my friends everyday or buy many clothes. Therefore the actual crisis hasn’t changed my spending habits a lot. I have some whims but they are cheap like, for example, eating a sundae in the McDonalds sometimes when I am sad or tired.