In the midst of the global downturn, with consumers facing job losses and rising prices, which purchasing criteria are they prioritising and how have their shopping habits changed? This new global report analyses the results of Euromonitor ‘s 2011 Annual Study of global consumers, which probes the motivations, perceptions and habits of around 16,000 respondents in the US, UK, France, Germany, Japan, China, Brazil and India; and examines the implications of these findings for marketers.
Strategy Briefings offer unique insight into emerging trends world-wide. Aimed squarely at strategists and planners, they draw on Euromonitor International’s vast information resources to give top line insight across markets and within consumer segments. Written by some of our most experienced analysts, they are designed as provocations for senior management to use in their own forum, allowing them to stand back and reflect on the behaviour and motivation driving global markets today and tomorrow
The concern about money and spending has post-recession consumers evaluating their purchases with an ever-more cautious attitude and paying critical attention to quality and price. This latest report reveals that value-for-money is the key goal of most shoppers, with "quality" and "price" as the overriding factors when consumers make buying decisions. This online survey report examines the results of questions relating to consumers' buying behaviour as part of Euromonitor's Annual Study of global consumers. The online survey probed around 16,000 consumers in eight countries (namely the developed markets of the US, the UK, France, Germany and Japan; and the developing markets of China, Brazil and India).
The intent of this strategic report is to understand the motivations, perceptions and habits of consumers in the face of the ongoing recession; to see how consumers are changing their behaviour when it comes to shopping and spending; and to determine what the impact will be on consumer markets.
Economic uncertainty worldwide and a looming concern about job loss and rising unemployment has changed how consumers view spending. "Their purchasing decisions are more calculated than they were pre-recession and certain factors such as quality remain important," says Gina Westbrook, editorial director at Euromonitor International. "In fact, more than 91 percent of respondents of our 2011 Annual Study of global consumers indicated that quality is either important or very important for them as a factor in their purchasing decision. This is followed by price, at 86 percent," she adds.
Interestingly, saving money increased most for respondents in emerging markets like Brazil and India (39 percent and 38 percent of respondents, respectively), while the use of credit cards to "manage shortfalls" in these markets also increased by 16 and 18 percent, respectively.
Other areas of spending examined in the report include private label purchases, with 26 percent of respondents in the US, for example, intending to increase their purchase of private label brands. Additionally, the report looks at how much technology is helping people make smart shopping choices by using e-commerce and mobile phones in-store, along with a closer look at how retail therapy might help.
