Marketers struggle to factor in recession

VNBusinessNews – With the current economic recession changing people’s spending habits, marketers should adapt themselves accordingly, a study says.

Eye on Asia, a study by the Grey Group, a communication multi-national, that surveyed more than 7,500 people in 16 Asian countries, has found that there is a growing tendency to seek enriching life experiences rather than possessions.

Around 59 per cent of those polled are willing to pay a premium for products that are either new or unique.

The Vietnamese are outliers (92 per cent) as compared to the Thais (38 per cent) and Japanese (30 per cent).

Around 83 per cent believe in treating themselves to life’s pleasures as often as they can. The figure is highest in Japan at 97 per cent and lowest in Indonesia, 55 per cent.

It is partly reflective of levels of stress created by modern living that is felt on average by 82 per cent of people across the region.

People have seen their levels of wealth dramatically drop and are experiencing a reduction in job security and business opportunities are being severely curbed, according to Simon Rich, director of planning, Grey Australia.

“However, this is just the physical impact of recession. It is the physiological impact that has a far greater effect on consumer attitudes and behaviour,” he said.

“People place increased thought into all their purchases, not because they have less to spend (though for some that may be the case) but because that is what they feel they should be doing during these tough times,” he added. (VNS)