The 2026 BCG European Consumer Sentiment Survey is based on a poll conducted between 2 and 22 April 2026 among more than 20,000 consumers in 11 European countries, namely Denmark, Finland, France, Germany, Italy, Norway, Poland, Romania, Spain, Sweden and the UK.
According to BCG, over the past six months, only groceries and pet products recorded positive net spending intentions. All other categories showed stable or negative trends, with fashion, alcohol and snacks leading the declines, as had already been the case in 2025.
According to the survey, the increase seen in essential categories is mainly the result of higher prices rather than growth in volumes purchased. In fashion, the contraction remains widespread, although with varying intensity across segments.
Footwear recorded a 12-point decline in net spending, casualwear 13 points and sportswear 14 points, with these categories having, according to the report, «held up better» than other subcategories. Formal and occasionwear fell by 20 points, while handbags, at 23 points, and accessories, at 22 points, were the most affected categories.
Over the next six months, the study expects fashion to remain the consumer category with the sharpest net decline in spending in nine of the 11 European markets, with Romania recording the greatest deterioration, followed by Finland and Italy. Poland is the only exception, where fashion does not rank among the three categories with the largest decline, which instead include alcoholic beverages, non-alcoholic beverages and snacks.
Generations, second-hand and digital channels
The study identifies significant differences between generations. Over the next six months, the projected net fashion spending balance for Generation Z and Millennials is 23 points higher than among Generation X and Baby Boomers. When asked why they were spending less, «younger generations said they were opting for cheaper brands or stores or buying lower-quality items», while older consumers «said they were reducing their overall consumption».
Price sensitivity also continues to shape the market. According to the study, 73% of European consumers say they only buy on discount or actively look for promotions in this category. In addition, more than 70% say they are willing to switch brands to secure better deals.
At the same time, the second-hand market continues to grow. Around 47% of European consumers say they buy used products occasionally, frequently or almost always, four percentage points more than in the previous year. Among these consumers, 46% cite savings as their main motivation, 21% point to access to premium brands at lower prices and only 17% identify sustainability as the main reason for buying.
Digital channels are becoming increasingly important in fashion product discovery. Among Generation Z and Millennials, 32% use Instagram and 27% use TikTok to search for and research fashion products, while recommendations from influencers and celebrities influence 15% of these consumers, compared with 3% among older generations. «European consumers are scrutinising every purchase more closely than they did a few years ago», says Andreas Malby, head of BCG’s consumer practice in Europe, the Middle East, Africa and South America and co-author of the report. «The brands that stand out will be those that clearly demonstrate their value, build stronger relationships with Generation Z and Millennial consumers as their purchasing power grows, remain visible across digital channels and respond to consumers’ growing interest in health and wellbeing», he adds.
The study concludes that European consumer sentiment continues to deteriorate. In 2026, 56% are pessimistic about the economy, compared with 54% in 2025, mainly due to rising energy prices and geopolitical tensions. Pessimism also extends to personal finances, with 53% of consumers expressing concern about their day-to-day economic situation, up from 40% in 2024.
«For the third consecutive year, European consumers remain pessimistic about the economy, and that caution is becoming increasingly entrenched in their spending behaviour. Consumers are cutting expenditure on discretionary categories while maintaining purchases they consider essential, particularly groceries, pet care, and health and wellbeing», stresses Andreas Malby.
