Warc, 14 August 2013
SINGAPORE: Across Asia Pacific, consumers are concerned
about both their personal finances and the wider economy, with a third saying
they worry about having enough money to pay the bills, according to a new
survey.
GfK, the research company, polled over 40,000 consumers aged
over 15 across 28 countries, including 11 from Asia Pacific – Australia, China,
India, Indonesia, Japan, Malaysia, Singapore, South Korea, Taiwan, Thailand,
and Vietnam. Approximately 1,500 respondents per market were surveyed on their
attitudes, behaviours and values across a range of topics.
The study found that 40% of respondents were apprehensive
about macro-economic problems, including recession, unemployment, inflation and
high prices. And a third were anxious about having enough money to live right
and pay the bills.
Inflation was a particular concern in Singapore (65%),
Thailand (55%) and China (51%), while recession and unemployment most exercised
respondents in Taiwan (57%) and Korea (51%).
"Economic conditions have in most cases stabilized, but
there is a significant level of uneasiness around various areas," said
Jodie Roberts, Regional Director for GfK Consumer Trends.
As a result, spending habits have changed as consumers seek
to reduce their costs. The restaurant sector has been a leading casualty of
this development, with 34% of respondents saying they have stopped dining out
during the past 12 months.
Apparel has also been hit, with 23% buying fewer clothes and
shoes.
GfK established that consumers in some countries were more
likely to consciously implement saving strategies.
Australians, for example, were more inclined to shop more
carefully for daily necessities (63%) and postpone purchases until the product
was on sale/special offer (63%). Coupons were more likely to be used by Koreans
(73%) and the Taiwanese (67%).
"In markets like Australia where there has been some
economic uncertainty – and particularly where cost of living is so high –
consumers have become a lot more cautious about how they spend their
money," said Roberts.
She expected such behaviours to remain even when the
economic environment improved, but she struck an optimistic note.
"Companies which are able to deliver on value – which is not necessarily
about lowest price – will benefit from this consumer trend," Roberts
concluded.
Data sourced from GfK; additional content by Warc staff
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