The Boston Consulting Group (BCG) conducted a study of the consumer sector of the global economy. Particular attention was paid to post-crisis phenomena.
In the USA, 52% of respondents are worried about the near future, while more than 60% of them said that they cut spending after the crisis. More than 40% of EU residents are “economic pessimists” - in their opinion, the economy will not recover in the coming years. Consumers in developing countries are optimistic: for example, in India, Russia and China, less than a third of respondents do not believe in a bright economic future. The BCG notes: during the crisis, Russian consumers were full of pessimism, but now they see a rapid recovery in the country's economy. According to experts, in the next five years, consumption growth in China and India will exceed 50%. The Chinese are ready to increase spending in the coming 12 months, and there are more than those who are going to save. The role of the population of Western countries in global consumption is constantly decreasing, while residents from developing countries are growing. Now China's share in world consumer spending is equal to 9%, and by 2020 it can reach 22%.
Respondents were also asked about the motives for buying expensive things. In Europe, the USA, Japan and the BRIC countries, they unanimously called higher quality, “advanced” technologies, as well as less harm / greater health benefits. Residents of China and India (70 and 64% respectively) cited brand awareness as the main reasons. It is likely that the desire of multinational companies to conquer emerging markets is reasonable and successful, experts say.
Russians give much less importance to the brand’s popularity and prestige. At the same time, our middle class is ready to purchase expensive things, such as cars and jewelry. Representatives of the middle class of other countries prefer practical and necessary things (housing, clothing for themselves and children), writes the site sostav.ru