Chinese, Australian consumers keep spending

25 November 2009

LONDON/NEW YORK: Consumers in China, Australia and France have proved the most resistant to cutting their expenditure levels during the downturn, a new study from The Futures Company has found.

The 2009 Global Monitor, produced by The Futures Company – which was formed by the coming together of Henley Centre HeadlightVision and Yankelovich – was based on data collected from 58,379 respondents in a total of 20 countries.

As shown in more detail here, it reported that a majority of participants in China, Saudi Arabia, Brazil, India, Australia and Canada regarded their own financial situation, and that of the country in which they lived, as being favourable at present.

Japan was by far the most pessimistic of all the markets included in the study on this measure, with Turkey, Russia and Mexico among the other nations exhibiting large amounts of negative sentiment.

More specifically, only 32% of Chinese contributors had reduced their outlay since January this year, compared with 41% of their counterparts in France, and 47% in Australia.

Germany and Canada were fairly evenly divided in terms of the number of people who had maintained their spending and those who had trimmed budgets, while just 56% of Japanese shoppers had sought to do so, despite their overall pessimism.

By contrast, 77% of South Koreans had actively followed strategies that helped them save money, as had 75% of South Africans, 72% of Italians, and 71% of the panel in Ireland.

Over six in ten adults in Mexico, India, the US, Russia, Spain and Turkey had also opted to take such a course in light of the on-going financial crisis.

On average, 55% of consumers are now aiming to get the "best price" when making purchases, while 56% are placing the price of goods ahead of brand names when choosing what to buy.

Similarly, only 16% of people are "looking for luxury", although attitudes in this area have proved more resilient in China, India, Brazil and Australia.
Warc subscribers can access a more detailed analysis of The 2009 Global Monitor, produced by The Futures Company, here.

Data sourced from The Futures Company; additional content by Warc staff