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For the first time since the beginning of the economic crisis, citizens throughout the world are feeling much more optimistic, are making fewer expense cutbacks and see a brighter future. Finally, many parts of the world are on a road to recovery particularly in the Middle East, North America and Asia-Pacific.
This is the conclusion of the fourth wave of the WIN Consumer Confidence Index, which shows that more than a year after the beginning of the recession, consumers are regaining confidence. The survey conducted by WIN (Worldwide Independent Network of Market Research), a network which brings together the greatest independent firms of Market Research throughout the world, interviewed 23, 659 respondents in 24 countries from mid September to the end of October 2009 and evaluated the respondents’ perceptions and behaviors regarding the economic crisis.
In this study, we measured three types of reactions to the crisis: a perceptual measure, where citizens shared their perceptions on economic prospects, a behavioral measure to understand changes in people’s consumption patterns, and an attitudinal measure on the psychological impact of the recession.
The survey revealed that citizens feel the economic situation will be better rather than worse in 12 of the 24 surveyed countries.
Consumers have made fewer spending cuts over the last three months.
53% of the world’s inhabitants have suffered at least one of the four following psychological effects as a direct result of the current economic situation:
Australia, Austria, Brazil, Canada and Kuwait are the only five countries where the level of optimism is above the average and cutbacks and psychological effects are below the average. This is two countries more than last time. Argentina, Bulgaria, France, Iceland, Mexico and Romania are the most affected with indices below the average on all levels.
In conclusion, we observe that Middle Eastern countries have the most positive economic outlook, followed by North American countries and the Asia-Pacific region. Western Europe, Eastern Europe and Latin America are taking a little more time to recover from this economic crisis.
Worldwide Barometer of the Financial Crisis - November 2009
For the first time since the beginning of the economic crisis, citizens throughout the world are feeling much more optimistic, are making fewer expense cutbacks and see a brighter future. Finally, many parts of the world are on a road to recovery particularly in the Middle East, North America and Asia-Pacific.This is the conclusion of the fourth wave of the WIN Consumer Confidence Index, which shows that more than a year after the beginning of the recession, consumers are regaining confidence. The survey conducted by WIN (Worldwide Independent Network of Market Research), a network which brings together the greatest independent firms of Market Research throughout the world, interviewed 23, 659 respondents in 24 countries from mid September to the end of October 2009 and evaluated the respondents’ perceptions and behaviors regarding the economic crisis.
In this study, we measured three types of reactions to the crisis: a perceptual measure, where citizens shared their perceptions on economic prospects, a behavioral measure to understand changes in people’s consumption patterns, and an attitudinal measure on the psychological impact of the recession.
1. New Perceptions
The survey revealed that citizens feel the economic situation will be better rather than worse in 12 of the 24 surveyed countries.
- Optimism has increased by 9% and pessimism has decreased by 20% since January 2009
- Middle Eastern countries are the most optimistic with 18% more citizens who feel the economic situation will improve rather than worsen.
- In contrast, Eastern European countries are the most pessimistic with 24% more respondents who feel the economic situation will worsen rather than improve.
2. Behavioral Changes
Consumers have made fewer spending cuts over the last three months.
- Although consumers still show cautiousness in their spending habits, they are making fewer cutbacks than three months ago.
- Overall, spending cutbacks have decreased in all expense categories.
- Similar to three months ago, the sector most affected by the financial situation is the clothing / footwear / accessories category (50%), while the least affected is the IT sector (home internet connection 13% and digital / satellite / cable television 15%).
3. Psychological Impact
53% of the world’s inhabitants have suffered at least one of the four following psychological effects as a direct result of the current economic situation:
- 17% depression
- 26% unsatisfactory sleep
- 38% anxiety
- 39% stress
4. Country Positioning
Australia, Austria, Brazil, Canada and Kuwait are the only five countries where the level of optimism is above the average and cutbacks and psychological effects are below the average. This is two countries more than last time. Argentina, Bulgaria, France, Iceland, Mexico and Romania are the most affected with indices below the average on all levels.
5. Europe is Lagging
In conclusion, we observe that Middle Eastern countries have the most positive economic outlook, followed by North American countries and the Asia-Pacific region. Western Europe, Eastern Europe and Latin America are taking a little more time to recover from this economic crisis.
Survey conducted by WIN in 24 countries
BVA is actively involved in WIN network that bring together the biggest independent research firms.
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4th wave of our worldwide barometer
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"The End of Recession" - Research World, December 2009
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Format / 656.26 Ko
Format / 1023.48 Ko
