Times are tough these days and money is a worry, but manyAsians believe the best way to weather the global economic crisis is to indulgein little luxuries, according to a new regional survey.
The economic downturn started a long way away from Asia, butit has caused 86 per cent of people in the world's most populous region toworry about their finances, and spurred 80 per cent to save for the future,according to the annual "Eye on Asia" survey, by global marketingcommunications firm Grey Group.
But 82 per cent of respondents also believe that indulgencewas the best way to beat the stress of modern life, and that spending time withfamily, short holidays, spa sessions and small luxury items were among theirfavorite ways to relax.
Nearly 70 per cent of respondents said life should containas many luxuries as possible. "There's no more taking a month off andspending it at a luxury resort," Charu Harish, regional communicationsplanning director for Grey Group Asia Pacific, told Reuters.
"People are looking for as many little luxuries aspossible to beat the stress, and that involves more short breaks, most likelywith the family, and a bigger focus on luxury."
The survey is one of the largest snapshots of opinions andtrends in Asia, polling more than 33,000 people from 16 countries: Australia, Bangladesh, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam.
While the poll found that an overall 76 per cent of Asianswere optimistic about the future and some 40 per cent believe their householdfinances will improve in the next year, the regional averages did not reflectdiscrepancies between developed and developing countries -- or nations thathave been hit badly, and not so badly, by the credit crisis.
While nearly 40 per cent of Asians polled said they wereless content than a year ago, Harish said people from India, China and Vietnamwere the most likely to shrug off the downturn, while respondents from the moredeveloped Singapore, Hong Kong, Australia and Japan were the least positiveabout the future. "But what this shows is that Asia, overall, remains ahuge opportunity for marketers," she explained.
"People here are not as sceptical as in the West, noras negative. Asians are keen for more fun," she said, adding the surveyshowed 90 per cent wished their life had more fun.
The survey, which also looked at shopping habits in thedownturn, divided the Asians polled into five retail "tribes". Nearlya quarter said they sought value-for-money products now, while just over afifth, especially in China and India, want new brands, variety and adistinctive retail experience.
The least number-16 per cent-put function first.
Not surprisingly, 90 per cent of the new-brand seekersregard shopping as therapy, closely followed by status-seekers who want theirgoods to reflect their wealth and social standing. "People overall arebeing more choosy on what they spend on, as they are saving for the future,"Harish said.
"Better value for money is the overriding trend in Asia, where 95 per cent of respondents are saying that is what they seek." The poll,conducted by Grey Group's sister company The Kantar Group, was based on face-to-faceinterviews and an online questionnaire and involved people aged between 18 and65.
By: Reuters; Singapore
Originallypublished in "The Economic Times" dated June 24, 2009
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