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10 May 2006
Bangkok
When the cost of living is rising faster than salaries can keep pace with, Thai consumers are fairly unanimous about what they’d cut back on to avoid blowing their budget. Out-of-home entertainment, upgrading technology and spending on new clothes are the top three belt-tightening measures of Thai consumers, according to an online survey by ACNielsen, the world’s leading market research and information company. The survey, conducted in November 2005, polled over 23,500 respondents – regular Internet users – in 42 markets.
While just over half of the respondents globally claimed they would cut down on out of home entertainment (57%) and spend less on new clothes (53%) to stay within their budgets, nearly half (48%) also said they would delay upgrading technology to tighten their belts.
Across the Asia Pacific, consumers’ priorities varied, where out of home entertainment was the first thing consumers would cut down on in Asia Pacific led by Thailand (73%), Hong Kong (70%) and Taiwan (64%) ranked in the third. Upgrading technology was ranked the second of the least priorities, Thailand (61%) was among the top three of countries where people would give up on their up-to-date technology followed closely by Singapore (60%) and China (59%). Spend less on their fashionable was the third things Asian consumers would reduce the cost led by Philippines (62%), Australia (57%) and New Zeland (54%).
Cross-referencing these belt-tightening measures with an earlier ACNielsen survey about how consumers spend spare cash once essential living expenses have been taken care of, it is clear to see that even though people in Asia Pacific are pretty determined to stick to their holiday plans they still focused on putting their money into saving. In Thailand, as the economy continues to drop slightly from the past year, more than half of Thai consumers are mostly focused on savings and do not think it is now a good time to buy things that they want and need. Moreover, nearly half of them also mentioned they prefer cutting down on non-essential living expense for coping with the escalating fuel price.
“To a degree, belt-tightening strategies are a reflection of lifestyles in each region, and the potential for where the biggest saving can be made,” said Mrs. Chantira Luesakul, Managing Director, ACNielsen Thailand. “It also reflects priorities – where consumers will look first to cut back, and also where they are not prepared to make concessions. Clearly for most consumers, out of home entertainment is an area of discretionary spending and where savings can be readily made. Similarly, not upgrading your mobile phone or laptop with the latest version, or making do with last season’s colours, isn’t going to kill you, if you have to go without”.
The ACNielsen Online Survey, the largest twice-yearly global survey of its kind, is designed to provide an understanding of consumer attitudes and opinions on a variety of topical issues. The most recent wave of the survey took place in November 2005 and polled over 23,500 consumers – regular Internet users – in 42 markets in Europe, North and Latin America, Asia-Pacific region, Africa (Republic of South Africa) and the Middle East (UAE).
About ACNielsen
ACNielsen, a VNU business, is the world's leading marketing information provider. Offering services in more than 100 countries, the unit provides measurement and analysis of marketplace dynamics and consumer attitudes and behavior. Clients rely on ACNielsen's market research, proprietary products, analytical tools and professional service to understand competitive performance, to uncover new opportunities and to raise the profitability of their marketing and sales campaigns. To learn more, visit www.acnielsen.com.
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