Ciatti's Global Market Report couldn't be more direct: "Unlike in previous eras when there has been economic misfortune, consumers are pessimistic about the long term – not just the short or medium term – and could curb spending accordingly.”

With gas prices already up 30% in most countries, thanks to the Irans war, Ciatti notes, “ upward pressure on fuel costs (is) exacerbating the reduced spending power consumers have possessed since the 2021-23 post-pandemic inflation spike."