More North Americans admit to living from paycheque to paycheque than people anywhere else in the world (22 per cent, against a global average of 12 per cent). | |
| But that doesn't seem to stop the madness that surrounds the launch of every new gizmo and toy in the US "" shoppers camp outside stores days in advance, they trade black eyes and bloodied noses for the last PS3 on the shelf, someone willingly coughs up more than $300 for an iPhone shopping bag... |
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| You won't see that happening anytime soon in India and more's the pity, believe marketing managers. Only 4 per cent Indian consumers say they have no spare cash, but they're still clutch-fisted and debt-averse. |
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| Financial conservatism is still rampant, with over 52 per cent leaving their money in savings accounts, 37 per cent choosing to pay off debts and loans, and 52 per cent playing the markets. |
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| The need for sound financial foundations appears to be endemic in the region. Nine of the top 10 countries that keep spare cash in the bank are from Asia, while the top 10 punters are also from the region. Interestingly, in the last round, with 49 per cent choosing the stockmarket, India led the world in that option. |
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| This time, even with a three-point increase in interest, the country is in third place "" Hong Kong (58 per cent) and China (54 per cent) have crept ahead. Of course, all three countries are still way ahead of the regional and global averages of 39 per cent and 23 per cent. |
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| So who are the region's big spenders? Indian manufacturers and travel agents would do well to keep a keen eye on Vietnam and China. The Vietnamese continue to be the most charged up about new technology, with 47 per cent saying they would spend their money on new gizmos. |
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| They are equally enthusiastic about changes to their wardrobe: half the respondents prefer spending on new clothes. With new clothes and the latest gadgets to show off, it's not surprising that consumers in that country are queueing up to go clubbing (49 per cent) as well. |
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| Russia is just a step behind on spending on most of these options, and is far ahead when it comes to choosing quick getaways: 53 per cent say they would spend spare cash on holidays, the highest score for the region. |
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| Where does India figure in these lists of enthusiastic shoppers? Nowhere. The country isn't among the top 10 spenders in any category (although India is on the list of those investing in shares/ mutual funds and in retirement funds). |
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| Clothes is priority with only 32 per cent (one point less than in the last round); only 25 per cent chose clubbing as the preferred option (a three point drop); the Xboxes and iPhones tempt only 29 per cent consumers (five points less than last time); and interest in home decoration is down seven points to 32 per cent (after having gone up nine points in the last round). |
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| That is really the most disquieting insight from the ACNielsen survey: the study is an online poll; its respondents are usually young professionals with substantial disposable incomes. If this breed doesn't spend on new clothes, technology and parties, who will? |
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