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So as a consumer, do you think you have experienced trading down？

In today's Buzzword Mix, our buzzword is Trading Down.
Having been through 3 years of the pandemic, I think most of us have experienced or are still experiencing some degree of financial struggles, since pay cuts and job losses have pretty much been the norm since the outbreak.
三年大疫, 再加上经济下行等等大环境的影响, 其实全世界人民的日子都过得紧巴巴的。国内从前几年开始就已经有人提到了消费降级, 其实这个概念并不是中国特有。
In today's buzzword, let's talk about this concept in English, trading down.
Trading down or down trading refers to the practice of switching from expensive products or brands to cheaper alternatives in a bid to conserve cash.
Trading down或者down trading指的就是消费者为了节约花销, 从expensive products and brands转向cheaper alternatives, 更便宜的替代品，这不是消费降级, 又是什么呢？
As people are struggling with their personal finances, everyone's focused on maintaining a tight leash on expenses and cutting down on discretionary spending.
在大家钱包吃紧的情况下, 很多人都会选择从discretionary spending非必要消费这个方面首先进行down trading, 消费降级。
Down trading or trading down in this sense is a tool that consumers can use to shield their finances.
As consumers turn price-sensitive, bells and whistles no longer appeal.
这就意味着当广大的消费者都变得更加price-sensitive, 对价格更加敏感, 这个时候那些花里胡哨的功能、新款就没有什么太大的吸引力了。
Products which meet the basic requirements are preferred over those that are perceived to be value-adding.
与其弄上一大堆增值的玩意儿, 不如就是基本款更受欢迎。
And when consumers downgrade, they are more likely to scout for value-for-money goods. And this is true whether for small-ticket consumption items or if they're buying bigger items like cars or durable goods.
不管是在卖日常用品, 还是到大件的, 比如说电器甚至汽车, 大家都会更关注 value-for-money 性价比.
Now you probably have read a lot of articles talking about the situation in China, but what about the situation in other parts of the world？
According to McKinsey’s latest European Consumer Pulse Survey, carried out from September to October this year, they have surveyed the views of respondents in France, Germany, Italy, Spain, and the UK, and they have observed the following trends among consumers.
根据九、十月份麦肯锡做的一个关于欧洲消费者调研里的数据, there are a few key findings, and you can check if as a Chinese consumer, you feel exactly the same.
Number one, most people are concerned about rising prices. 大部分的人都对于物价的不断上涨表示担忧。For 58% of European consumers, increasing prices are their no.1 worry.
Number two, economic confidence has dipped.
因为各种内外部的因素, 消费者普遍对于经济形势信心下滑, this is much worse than even the first 2 years of Covid, consumer pessimism is higher with 43% of people expressing doubt about economic recovery.