IWhile cutting down on clothes is considered a key way of saving money, the number of people who intends to switch to cheaper grocery brands has increased. Finns shows highest intention and Swedes the least. This shows in the latest Nielsen Global Consumer Confidence Survey.
In the latest findings from the Nielsen Survey, Nielsen looks to uncover how consumers globally are coping with the ups and downs and what measures they are taking to ensure their financial future is secure. According to the survey, 45 percent of the Swedish consumers claim that they have changed their spending habits compared to this time last year, followed by Norway (40%), Finland (39%) and Denmark (31%).
The intention to switch to cheaper grocery brands is one of the actions to save on household expenses. This continues to increase cross the Nordic countries. Finns shows the highest intention to switch to cheaper grocery brands - as much as 58%. Norway has had the biggest change – in May, 47% said that they have switched to cheaper grocery brand, compared to 24% in October 2008.
- Although consumers claim to have changed spending habits, the grocery industry is doing well. However, in Norway and Finland we see some obvious changes in purchasing behavior. This refers to store choices as well as brand choices. Consumers are switching to cheaper food brands and private labels. We see that Danish consumers are switching to discount stores. In Sweden, we still haven’t seen intentions translating to actions in the same extent, but it might become reality if the economic crisis continues, said Arne Reiler, Managing Director, The Nielsen Company, Norway.
Switched to cheaper grocery brands in order to save on household expenses
|
October 2008 |
May 2009 |
|
Percentage |
Rank |
Percentage |
Rank |
Denmark |
33% |
2 |
40% |
3 |
Finland |
49% |
1 |
58% |
1 |
Norway |
24% |
6 |
47% |
3 |
Sweden |
21% |
10 |
35% |
7 |
Changing spending habits, Global Consumer Confidence Survey, 1st haft 2009
About the survey
The largest half-yearly survey of its kind, the Nielsen Global Online Consumer Confidence and Opinion Survey provides insight into current confidence levels, spending habits/intentions and the major concerns of consumers across the globe. The Nielsen Consumer Confidence Index is developed based on consumers’ confidence in the job market, status of their personal finances and readiness to spend.
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