Page 6 - HGR May-June NEW
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4 NEWSLINE

Back Time or Experiences
to Consumers

   In an online survey                     USA (both 53 percent).                       - I nternationally,
                                             Income plays a factor in consumers’          three times
 just released by global                                                                  more people
                                           mindsets, but possibly not to the extent       firmly agree
  research experts, GfK,                   that may be imagined. There is only an         than disagree
                                           eleven-percentage-point difference be-         in wanting
 three out of ten people                   tween people in high income households         more time over
                                           and those in low income households,            more money
    (31 percent) would                     when it comes to the numbers who would
                                           prefer to have more time than more           - E ven among
  firmly* prefer to have                   money (38 percent versus 27 percent).          people with
                                                                                          low income,
  more time than more                        A similar picture is seen in people’s        twice as many
                                           perception that experiences are more im-       firmly agree
  money - compared to                      portant than possessions. Half of people       than disagree
                                           in high income households agree to this
 only nine percent who                     (50 percent) compared to 38 percent of       - For those
                                           those in low income households.                aged 60+, the
  firmly* disagree with                                                                   gap narrows
                                             Money becomes relatively more impor-         significantly
             that.                         tant to those over 60
                                                                                       themselves in consumers’ minds with
And over four out of ten (44 percent)        There are also some differences to        giving quality time back into people’s lives,
firmly believe that experiences are more   be noted between different age groups.      or with making daily tasks simpler and
important than possession - compared       Internationally, those in their twenties    faster. Brands can also raise themselves
to just three percent who firmly disagree  and thirties have the highest percentage    above close competitors by identifying
with that.                                 of any age group that would prefer more     ways to turn their purchase process into
                                           time to more money - standing at over       more of an experience for the consumer.
  GfK asked 22,000 people across 17        a third (36 percent) each. And they also
countries how strongly they agree or       have the smallest percentage of those
disagree with two statements: “I would     strongly disagreeing with that (7 percent
rather have more time than more money”     each).
and “Experiences are more important
than possessions”.                           In contrast, for those aged 60 and over,
                                           there is a much tighter difference in the
  Internationally, three times as many     numbers favoring more time to more
people firmly agree than disagree that     money (19 percent) versus those indicat-
they would rather have more time than      ing they would rather have more money
more money. And well over ten times as     than more time (13 percent).
many people firmly agree than disagree
that experiences are more important than     When looking at the perceived value
possessions.                               of experiences versus possessions, age
                                           does not make a significant different in
  This preference for more time over       outlook. Those in their twenties are thir-
more money is especially important for     ties are the most in favor of experiences
people in China (41 percent), Brazil (37   over possessions, with 46 percent firmly
percent) and Argentina (32 percent). And   agreeing with this, dropping to 40 percent
agreement with experiences being more      for teenagers (15-19 year olds).
important than possessions is highest
in Mexico (57 percent), Argentina and the    GfK’s findings clearly show market
                                           potential for brands that can associate

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