October 13th, 2023, Lesley Simeon
With consumers across many markets having had to deal with rising costs this year, they might be looking for ways to tighten their purse strings. But are there any products or services in particular that consumers expect to spend more money in the coming months - either as a result of inflation or changing life choices?
Previously published YouGov pieces discussed how likely consumers are to increase expenditure on OOH entertainment and groceries. In this piece, we flash the spotlight on financial and investments products.
A recent YouGov survey asked consumers across 17 international markets about which categories of products they expect to spend more on. Expectedly, essentials occupy the top two spots - groceries (46%) and utilities (31%).
Financial and investments products (11%) are among products consumers are least likely to increase expenditure on. Video games are right at the bottom with just 6% of consumers across all markets saying they expect to spend more money on them.
We now look at how likely consumers in individual markets are to spend more on financial and investments products.
Asians are significantly more likely than Europeans to increase spending on financial and investments products
Urban India leads all our markets, with over a third (34%) of consumers here saying they expect to spend more money on financial and investments products in the coming months. More than a quarter of consumers in Hong Kong (28%) expect to do the same, followed by the UAE and Singapore (18% each).
The vast majority of consumers in both the US and Great Britain don’t expect to spend more on financial and investments products in the next six months.
Asians are considerably more likely than Europeans to plan to spend more on financial and investments products in the coming months. All markets we survey in Europe stack up with similar figures, with France (4%) reporting the lowest figure not just in the region but also across all markets, in all regions.
As for Asia, consumers in Indonesia (11%) are the least likely to increase spending on financial and investments products.
Finally, both Denmark (7%) and Sweden (9%) report single digit figures for consumers in these markets who expect to spend more on investments and financial products.
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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 sample sizes varying between 509 and 2003 for each market. All surveys were conducted online in July 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.
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