A word from the CEO: Hope takes hold

The outlook is distinctly brighter now than it was 12 months ago, when we published our last European Consumer Payment Report.

With most adults in the EU now fully vaccinated against Covid-19, the economic recovery appears at last to be taking hold. Some economists suggest that European businesses are 'roaring back' and outpacing the recovery in China and the US.

At the time of writing, there are many reasons to be hopeful. Still, it would be premature to believe that the crisis is over. The recovery is, for example, arriving for some consumers and some regions faster than it is for others. We also do not know how evolving challenges - including supply chain bottlenecks, rising energy prices, and the emergence of new strains of the virus - will impact consumers' financial wellbeing in the months ahead.

Our survey highlights three key trends.

The recovery is revealing inflation fears as well as generational and geographic divides

It's been many years since inflation was last a cause of widespread concern in Europe. Today, however, consumers tell us that they are worried about rising prices having a negative impact on their personal finances. Many also believe that their financial wellbeing will be at risk for some time to come, with a significant minority expecting the crisis to affect their finances for at least another 12 months.