January 9th, 2024, Kineree Shah
A new YouGov survey reveals how consumers perceive their financial health compared to 2022. Across 17 international markets, there's a mixed bag of perceptions. While a quarter feel they are better off financially (24%), three in 10 consumers (31%) feel worse off. Nearly two-fifths say their financial situation remains unchanged (38%). This data underscores an atmosphere of financial uncertainty, with a lean towards a negative outlook.
In the US and Britain, the sentiment skews towards a tougher financial situation. Slightly more than a third of Americans (35%) report being worse off, closely echoed by Britons (36%). Both markets have only about 16-19% feeling better off financially, indicating a pessimistic consumer base.
The UAE presents a more positive outlook, with 45% feeling better off. However, one-fifth feeling worse off cannot be overlooked (20%), suggesting a divided financial situation. Reflecting a striking contrast, India shows a more optimistic trend with about half feeling financially better off (47%). This could signal a consumer market with increasing spending power. In Nordic markets like Sweden and Denmark notable portions feeling worse off financially (39% in Sweden and 25% in Denmark).
Emerging markets like Indonesia and Mexico show a higher percentage of people feeling better off financially (47% and 40% respectively), indicating potential growth opportunities for businesses. On the other hand, developed markets like Australia and Canada have a higher percentage of people feeling worse off financially (37% in Australia and 40% in Canada).
This diverse financial sentiment landscape suggests that businesses need to tailor their strategies per market. In regions with more optimistic financial outlooks, companies might find opportunities for expansion and increased consumer spending. Conversely, in markets with a more negative outlook, businesses may need to focus on value offerings and understanding consumer priorities.
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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 501 and 2004 for each market. All surveys were conducted online in October 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.