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Home » Opinion » Foreign Views
Consumers still upbeat in times of recession
By Ashok Sethi |
April 28, 2009, Tuesday
|
Print Edition
Print Edition
MARKETING pundits believe that lipsticks and junk food are likely to gain prominence in these times of recession.
TNS China (a global market researcher) conducted a study in urban China to validate or explode these hypotheses and myths and we present here the key changes that we can expect in consumer behavior in these difficult times in urban China.
Half the consumers feel that despite the downturn, their incomes in 2009 will actually increase in comparison to 2008. About 30 percent expect to retain the 2008 income level and only 19 percent expect a decline.
The optimism is based on the fact that most consumers feel that their lives will only be slightly singed by the fury of the global economic meltdown.
However, this year will be a time for reflection and an opportunity to seek a balance in life - balance between work and play, friends and family, saving and spending, excitement and peace - in their quest to seek a better quality of life.
When the wise man propounded that "health is wealth," he possibly did not expect that we may one day have a time when health is the only wealth that people possess.
In a situation in which you can do little about economic health, it becomes even more important to preserve physical health.
While gyms should still have their treadmills rolling strong as enthusiasts try to match their body weight graph with the stock market trend, most consumers will adopt the natural and free exercise of walking and jogging in their quest for healthier and slimmer bodies.
"It has been said that man is a rational animal. All my life I have been searching for evidence which could support this," said Bertrand Russell. He would possibly be pleased with the consumer desire to rationalize spending and cut down on luxury goods in 2009.
Consumers say that they plan to spend less on jewelry, bags and watches in 2009 as compared to 2008.
The luxury goods manufacturers who were expecting China's appetite for luxury to make it the largest market in the world, would need to wait till the economy turns around.
Beauty may just be skin deep, and the recession is deeper. But the Chinese consumers still feel that a glowing skin and luminous lips can act as a shield against the pain of the economic crisis.
The need to look good is never more pronounced than when the times are tough.
A heady feeling from a positive reflection in the mirror and admiring glances from friends and colleagues could almost match and even compensate for the lightness of the wallet.
The joy of family life will be further enhanced and family relationships will be even sweeter with the flavors of home cooking wafting from the kitchen.
Chinese consumers plan to cook more at home in 2009 than they managed in 2008. The competition to home cooking comes from cheap fast food restaurants and roadside stalls - both of which are likely to lose business from this segment in 2009.
However, the overall business of McDonald's, KFC and Nan Xiang Xiao Long dumpling chain store may still see an increase in 2009, as consumers also down trade from more expensive restaurants.
(The author is an expert at TNS China. The views are his own. Shanghai Daily condensed his article.)
TNS China (a global market researcher) conducted a study in urban China to validate or explode these hypotheses and myths and we present here the key changes that we can expect in consumer behavior in these difficult times in urban China.
Half the consumers feel that despite the downturn, their incomes in 2009 will actually increase in comparison to 2008. About 30 percent expect to retain the 2008 income level and only 19 percent expect a decline.
The optimism is based on the fact that most consumers feel that their lives will only be slightly singed by the fury of the global economic meltdown.
However, this year will be a time for reflection and an opportunity to seek a balance in life - balance between work and play, friends and family, saving and spending, excitement and peace - in their quest to seek a better quality of life.
When the wise man propounded that "health is wealth," he possibly did not expect that we may one day have a time when health is the only wealth that people possess.
In a situation in which you can do little about economic health, it becomes even more important to preserve physical health.
While gyms should still have their treadmills rolling strong as enthusiasts try to match their body weight graph with the stock market trend, most consumers will adopt the natural and free exercise of walking and jogging in their quest for healthier and slimmer bodies.
"It has been said that man is a rational animal. All my life I have been searching for evidence which could support this," said Bertrand Russell. He would possibly be pleased with the consumer desire to rationalize spending and cut down on luxury goods in 2009.
Consumers say that they plan to spend less on jewelry, bags and watches in 2009 as compared to 2008.
The luxury goods manufacturers who were expecting China's appetite for luxury to make it the largest market in the world, would need to wait till the economy turns around.
Beauty may just be skin deep, and the recession is deeper. But the Chinese consumers still feel that a glowing skin and luminous lips can act as a shield against the pain of the economic crisis.
The need to look good is never more pronounced than when the times are tough.
A heady feeling from a positive reflection in the mirror and admiring glances from friends and colleagues could almost match and even compensate for the lightness of the wallet.
The joy of family life will be further enhanced and family relationships will be even sweeter with the flavors of home cooking wafting from the kitchen.
Chinese consumers plan to cook more at home in 2009 than they managed in 2008. The competition to home cooking comes from cheap fast food restaurants and roadside stalls - both of which are likely to lose business from this segment in 2009.
However, the overall business of McDonald's, KFC and Nan Xiang Xiao Long dumpling chain store may still see an increase in 2009, as consumers also down trade from more expensive restaurants.
(The author is an expert at TNS China. The views are his own. Shanghai Daily condensed his article.)
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