Asia Pacific consumers are worried about unemployment, according to a newly released survey by GfK.
Two in every five surveyed are worried about recession and unemployment; one in three are concerned about having enough money to live the way they want to and pay their bills on time.
Sixty-five percent of consumers in Singapore, 55 percent in Thailand and 39 percent in Indonesia are worried about inflation. Fifty-seven percent of consumers in Taiwan and 51 percent in Korea are anxious about recession and unemployment.
Half of the Australian respondents are concerned about their personal finances. Sixty-seven percent of consumers in Malaysia, 55 percent in Vietnam and 51 percent in India are worried about crime and lawlessness.
“Economic conditions have in most cases stabilised, but there is a significant level of uneasiness around various areas,” said Jodie Roberts, regional director for GfK Consumer Trends. “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.”
Reduction in spending
The GfK survey indicates that consumers are careful about spending money when it comes to their regular expenses and they are making a conscious reduction in spending in different areas of their life.
Other areas that worry people in Asia Pacific are cost of healthcare, quality of education and drug abuse.
Fifty-five percent of consumers in Thailand are worried about drug abuse, 42 percent in Singapore worry about cost of healthcare and 33 percent in China are concerned about educational quality.
One third of respondents said they have struck off dining out at restaurants to cut costs and 23 percent said they buy fewer shoes and clothes to save more money.
“An important point for companies to note is that these behaviours remain even as the economic environment improves, and thus companies which are able to deliver on value – which is not necessarily about lowest price – will benefit from this consumer trend,” added Roberts.
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