June 9th, 2023, Kineree Shah
Buying insurance and banking products can be an important but slightly complicated purchase decision. But there’s a wealth of information available to aid in the purchase journey. So which mediums do consumers rely on the most? A recent YouGov Surveys (Serviced), spanning across 18 international markets, found that two in five global consumers consult friends and family (44%) while nearly the same proportion take into account the views of an expert (41%). One-third read written consumer reviews (35%), check a brand’s website (34%), or speak to a sales executive (31%). Only one-fifth see video reviews (for e.g., on YouTube) before buying financial products (19%).
Consumers across different markets exhibit varying preferences. In Britain, nearly half of consumers consider the views of professional experts (48%). Written consumer reviews (46%), speaking to family and friends (44%), and consulting a brand’s website (40%) appeals to two in five consumers. In comparison, fewer people rely on speaking to sales executives (19%) or video reviews by members of the public (10%) before purchasing financial products.
US consumers are more likely to speak to family or friends (52%) compared to watching video reviews (14%). Nearly a third of Americans read consumer views (37%), take into account professional expert’s views (34%), or consult a brand’s website (33%). A quarter of consumers in the US speak to a sales executive before buying an insurance or banking product.
In India taking in the views of professional experts (51%) and speaking to friends and family (47%) are favored by about half of the consumers. Watching video reviews by members of the public (38%), speaking to sales executives (36%), and written consumer reviews (35%) are also popular with more than a third relying on them. Consulting the brand's website (30%) appeals to three in 10 consumers.
In the UAE, taking in the views of professional experts (44%) and speaking to friends and family (41%) are preferred by roughly two in five consumers. Written consumer reviews (36%), video reviews (34%), speaking to a sales executive (34%), and consulting a brand’s website (29%) are also fairly popular methods of research.
In Denmark, speaking to friends and family is the most popular pre-purchase research method (43%) but in Sweden consumers prefer consulting a brand’s website (42%). Consumers from both markets are least likely to watch video reviews uploaded by members of the public before buying insurance and banking products (7% and 10% respectively).
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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 17 markets with gamers’ sample sizes varying between 512 and 2034 for each market. All surveys were conducted online in February 2023. 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.