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a tracking study meant to monitor people’s emotional disposition towards economical crisis
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Romanian Crisis Monitor Understanding crisis consumption shifts within Romanian cultural context
Research ContextWe all hear about the crisis nowadays; this seems to be the subject of all conversations and moreover, the answers of all decisions, either political or business related
Many specialists consider the crisis can and should be solved by the state, public or private organizations
But, how is the economical crisis perceived by normal people, do they feel its effects or not? What is their attitude and how do they react to the crisis?
In its search of offering its clients actionable results that could assist them in making the best business decision, Unlock developed a tracking study meant to monitor peoples emotional disposition towards economical crisis in Romania and assess how does this impact on consumption across various categories
Methodology QuantitativeEvery quarter we will conduct CATI interviews with people aged 18-45, assuring the sample will be representative across Romania Two sub-samples: business (N=300) & consumer (N=1000)The questionnaire will comprise two main sections: a) attitude towards crisisb) impact on category consumption
QualitativeEvery quarter we will run a series of ethnographic interviews (= immerse in people real life: their houses, their jobs etc), getting valuable insights on cultural, attitudinal and consumption shifts during crisis These will offer indubitable support in increasing findings actionabilityEthnography is essential during periods of sudden consumption shifts. It can definitely make a difference in adapting to change, as it offers the benefit of foreseeing market events
that there ar four attitudinal typologies with respect to the financial crisisFearExternalistA more pessimistic attitude overall fearing that the crisis will drastically affect the living standard: not being able to pay the bills, not being able to maintain a decent living and reducing expenses Could be more active in consumption, if fear would not have blocked them. Tend to postpone consumptionExternalizing crisis effects: others are to be blamed for the crisis
ROL depreciation, possibility of the Romanian economy to enter in recession etc.
Tend to ignore the crisis and continue to consume as before that PragmaticConsciousApproach the crisis in a more reasonable manner by controlling the expenses (not doing risky investments, buying less branded things etc.)
Tend to diminsh quantities, but do not cut on any of the categories they use to consume before. They just control their expenditures much better Internalizing the economical crisis at personal level. It is about being aware of the way the crisis can affect you as individual not being able to take a loan or drop of financial investments
Tempted to switch to cheaper categories or delete some products from their consumption repertoire External locus of control Internal locus of control Active Passive
1 Fear 2 Pragmatic Current incomeFuture income3 Externalist(+)(+)(-)4 Conscious(-)Not a significant linkSignificant linkPositive link (+)(-)Negative link The higher current income is, the stronger the fear of lowering living standards. Rich people seem to have difficulties in downgrading their living standards
A more pragmatic attitude towards crisis (cost control) generates a more optimistic view over future income
A passive externalist view towards crisis does not seem to impact on the perception about income evolution. Blaming others makes people cope better with pressure
The lower current income, the higher the internalization of crisis effects, with negative impact on the evolution of future income. Poorer people seem to internalise quicker the effects of the crisis and be more adult about it that forcasting with respect to the perceived evolution of their salary can also be done
The lower the current income, the highest the impact on people current economical status (living standard)
The higher the current income, the more positive impact on peoples social status, with positive impact on persons future income. Well trained, educated and valuable people have higher chances to register a more positive trend of their future income
Economy trend is seen as impacting on the future income. If economy goes in recession, the future income is expected to decrease and vice versa. Current income does not seem to influence in any way the economical statusalso corelated with rational factors Not a significant linkSignificant linkPositive link (+)(-)Negative link
Size what is the main attitude towards crisis among relevant category consumers Develop best strategies to approach customers so as to overcome their crisis anxieties Ex. smart and efficient offers for pragmatics: bonuses if they buy a certain product, safer investments or saving methodsreassurance strategies for the vulnerables / fearful price cuts off or smaller packages on famous brands ; mold communication messages on their anxieties
Innovate and adapt to the new times to overcome the blockage; strive to survive
How can this analysis help companies
FearExternalist?PragmaticConsciousExternal locus of control Internal locus of control Active Passive ????s to be answered
Who are they How are these distributed across my category / brand target How do these correlate with category consumption shifts How does this attitude impact on MY category consumption parameters How can WE address them better to diminish crisis anxiety and stimulate consumption Make a step forward in controlling crisis effects
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