March 9th, 2023, Kineree Shah
The high cost of living is a global issue that is putting increasing pressure on household budgets. A recent YouGov poll across 18 international markets has revealed that over a tenth of global consumers are price-conscious when it comes to financial and investment products (14%). While this may seem like a significant percentage, financial and investment products are one of the least price-conscious categories, with only furniture (11%) and video games (9%) scoring lower.
In this piece, price-consciousness refers to being sensitive to price increases and adjusting behavior accordingly, such as changing brands, shopping around, or refraining from making a purchase.
Our data has revealed a significant variation in the level of price consciousness among global consumers when it comes to financial and investment products. Indians are the most likely to be price-conscious, with more than a quarter of consumers indicating as much (27%). Hong Kong consumers follow closely behind (26%). Indonesian and Chinese consumers are less likely to exhibit price-consciousness when compared to Singaporeans (23%) and Emirati (22%) consumers.
Poland has the highest percentage of price-conscious consumers in Europe, with 12% of respondents indicating this behavior. In contrast, less than a tenth of British consumers (8%) are price-conscious about financial and investment products. Looking at the Nordic markets, about a tenth of Swedes (10%) and a similar share of Danes (8%) say they are price-conscious about financial and investment products.
The US consumers (8%) appear to be less price sensitive compared to their Canadian (13%) and Mexican neighbors (15%).
This suggests that the economic and cultural factors that shape consumer behavior in these countries may differ, highlighting the need for financial service providers to tailor their marketing strategies and product offerings accordingly.
In related news, explore the degree of price consciousness among global consumers towards out-of-home entertainment options, video games, phones, car, air travel and hotels, medicine and healthcare, clothing, and streaming subscription services.
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Methodology
YouGov Surveys: Serviced provide quick survey results from nationally representative or targeted audiences in multiple markets. The data is based on surveys of adults aged 18+ years in 18 markets with sample sizes varying between 510 and 2044 for each market. All surveys were conducted online in December 2022. Data from each market uses a nationally representative sample apart from Mexico and India, which use urban representative samples, and Indonesia and Hong Kong, which use online representative samples. Learn more about YouGov Surveys: Serviced.
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