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New OMG Study On Consumer Purchasing Behaviour APAC |
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Written by Marketing Interactive
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27 Oct 2009 |
Shows consumers are still cautious with their spending
Survey done with Pulse Group PLC
Asia Pacific - It could be a quiet holiday season across key markets in the region if the results of a new survey on consumer purchasing behaviour by Omnicom Media Group are to be believed.
The research showed that most consumers surveyed across Australia, China, Hong Kong, India, Malaysia, Singapore and Thailand, planned to continue their disciplined spending behavior despite the worst of the economic recession seemingly over.
Less than a third of consumers in each of the five surveyed markets said they would "spend more freely" in the next six months led by Malaysia (26%), Hong Kong (24%), Thailand (18%) Singapore (18%) and Australia (8%).
"Although a minority are ready to spend more freely, the majority of those we surveyed are not ready to let down their guard yet," Guy Hearn, OMG's director of communications insights, Asia Pacific, said.
Only consumers from China (45%) and India (39%) favoured spending "more freely" over the next six months than anything else.
"We call this a 'Whiplash Effect' - the extent of the recession took people by surprise and like a whiplash injury , it will have a lingering effect and take time to recover from," Hearn said.
Across the region, the majority of consumers have downtraded in at least one category and many have downtraded in at least four.
The survey found the biggest downtrading consumers in the region are Malaysians with 60% of whom have downtraded in at least four categories.
The most commonly downtraded categories across the region include Household Provisions, Personal Care, Groceries, Everyday Cosmetics and Everyday Fashion.
The survey was conducted in September with Pulse Group PLC and featured 3,675 respondents aged 18-65 online across the mentioned seven markets.
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