Introduction
The global economic downturn has impacted BRIC consumers differently than elsewhere, and must be acknowledged to effectively meet consumers’ financial needs.
Scope
*Detailed analysis documenting BRIC consumers’ ‘recessionary mindset’ and how this influences perceptions about current and future prospects
*Insights highlight how the economic downturn has affected emotional wellbeing and financial security in the BRIC bloc compared to the global average
*Detailed discussion of what the downturn means for saving and investment products and what must be done to once again engage consumers
Highlights
Stress and happiness indictors are important to note, as they reveal the state of mind and likely future intentions of BRIC consumers. Faced with the uncertainty of the economic and financial landscape, there exists an opportunity for financial service providers to supply products that provide peace of mind.
BRIC consumers have learnt the lessons of the economic crisis and are looking to build a savings buffer to help mitigate further problems and reduce their stress levels. This buffer is the driver of short-term savings behavior, but there are also incentives for BRIC consumers to consider saving further into the future.
BRIC countries have not suffered the same levels of banking collapse as seen elsewhere and as such, there has been less extensive negative media coverage. In contrast, BRIC consumers are more likely to have had their trust damaged by a personal incident than global consumers.
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