Asians worried about the economy, reports GfK
Author Avatar

 

Asians worried about the economy, reports GfK

Much has been said in Malaysia about rising debt,
unaffordable housing and increasing prices. It would appear, in
a recent global survey done by GfK
, that the whole Asia Pacific region is
concerned about job losses, inflation and recession.

GfK polled over 40,000 consumers around the globe which
includes 11 countries within the Asia Pacific region on various topics. Two out
of every 5 respondents expressed concern about money, employment and the
economy.

“Consumers in
Singapore (65%), Thailand (55%), China (51%) and Indonesia (39%) expressed
their greatest anxiety towards inflation; those in Taiwan (57%), Korea (51%)
and Japan are mostly worried about recession and unemployment…

The survey also revealed
that consumers have been treading carefully when it comes to their regular
expenses as seen in their conscious reduction in spending on various aspects of
their life. In their effort to cut cost, the first that most often will be
struck off from their list of regular activities is dining out at restaurants,
something which over a third (34%) of respondents said they have done in the
past 12 months. Nearly a quarter (23%) also stated buying less clothing and
shoes.”

The report quoted Regional Director for GfK Consumer Trends,
Jodie Roberts who emphasised that merchants could benefit from this trend, not
simply by offering low priced products and services but to provide real value to customers.

“An important point
for companies to note is that these behaviors 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,” Roberts concluded.

Respondents to the study also shared ways through which they
saved money: using coupons, using less or going without an item, shopping at
discount stores, purchasing energy-saving products, buying in bulk to get
greater discounts, switching to cheaper brands, etc.

Besides economic concerns, crime and lawlessness also rank
among the top four worries in the region, particularly in Malaysia (67%),
Vietnam (55%) and India (51%). With the recent shootings, bombings and acid
splashing – it’s no wonder Malaysians topped the others on this issue.

*Picture courtesy of Nicole Victor.

 

0 0 votes
Article Rating

SHARE

Comments (0)

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
Top Personal Finance News Articles
Post Image
Petrol Price Malaysia Live Updates (RON95, RON97 & Diesel)
The RinggitPlus Team
- 20th October 2021
We provide weekly updates on every Friday at 5pm on the prices of RON95, RON97 and Diesel in Malaysia and a chart that shows the movement of fuel prices across a 6-week period. Bookmark this page now!
Post Image
Shopee Introduces SPayLater, Lets Users Buy Items Now And Pay Later
Alex Cheong Pui Yin
- 18th January 2021
Shopee has introduced a new payment feature that lets its Malaysian users purchase items and pay for them […]
Post Image
Touch n Go RFID: What Malaysian Road Users Need To Know
Jacie Tan
- 10th August 2018
Everyone’s talking about Touch ’n Go RFID being used at Malaysian highway tolls soon – here’s what you need to know about it.
Post Image
Best High Interest Savings Accounts In Malaysia (October 2021)
Pang Tun Yau
- 6th October 2021
Make your money work for you by depositing them into the best high-interest savings accounts in Malaysia!

Related articles

Related Posts Image
Related Posts Image
Related Posts Image

Apple Launches A RM99 Polishing Cloth

Jacie Tan -
2nd February 2021
Related Posts Image