The holiday season has passed. The season of presents, presents and more presents. However, in these times of economic downturn, this is not that evident, especially for us millennials. Moreover, consumer confidence is becoming more and more important, which is why ‘On Device Research’ did a large scale study on the difference between young people’s consumer confidence in developed markets and growth markets.
5,600 mobile users between 18 and 34 years old from 6 countries (China, India, Nigeria, Brazil, United Kingdom & United States) completed a survey via the mobile internet. By answering six key questions -which can be found below- a Young Consumer Confidence Index (YPCC) could be calculated and assigned to each participant. All research conclusions are based on the comparison of this YPCC between different countries.
- How do you expect your employment situation/prospects to change over the next 12 months?
- How do you expect the general economic situation in your country to change over the next 12 months?
- How are you feeling about your current employment situation/prospects?
- In the view of the economy, is now the right time to buy big purchases?
- How are you feeling about your current personal/household financial situation?
- Overall how are you feeling about the economy?
Overall, there could be concluded that young consumers in growth markets are at least twice as confident, compared to those in developed markets. This high confidence in growth markets is especially driven by a very positive outlook for the economy and future job prospects. Growth markets optimisms towards their economy, transfers into views on buying large purchases and provides a fantastic opportunity for UK and US companies looking to export into these markets. On the contrary, young people in developing nations have a risky change to become ‘the lost generation’, because they’re being jaded by a hard hitting recession.
A last conclusion is that the mobile device is very important in the lives of young consumers all over the world, which will be reflected in both how we research these consumers but also how marketers have to communicate and transact with them…
For more detailed and country specific conclusions of this research, check the full report below.