Min: °C Max: °C
» Weather Details

January 13, 2009 Tuesday
Updated
Jan 13, 2009
People still spend on beauty
Consumer spending on cosmetics appear to remain resilient in the face of the economic downturn. -- FILE PHOTO
SINGAPORE - THAT dream holiday may have been shelved by the economic downturn, but consumers worldwide say they will still be spending on some things that count more - beauty and health-care products.

An international survey by market research firm Synovate showed spending on cosmetics and health care appears resilient in the face of the downturn, which has altered consumer attitudes worldwide.

It found 41 per cent of people plan to spend the same amount on cosmetics as they did before the downturn began, while only 27 per cent said they would cut down.

For health-care products, 55 per cent said they would spend the same amount, while only 17 per cent would spend less.

The survey questioned 11,500 people in more than a dozen countries including Brazil, Greece, Mexico, the Netherlands, Russia, Turkey, Britain and the United States.

Despite grim economic forecasts, respondents from Denmark, Brazil and Malaysia were the most optimistic about the strength of their economies while those from the United States and Britain were the most pessimistic, it said.

The United States is already in recession, and data in December showed Britain edging closer, after a crisis in the US housing sector hammered global financial markets and spilled over into the broader economy.

Overall, consumers said they are spending less on luxuries.

However, 10 per cent of Brazilians indicated they will spend more while 49 per cent of Hong Kong residents and 72 per cent of Danes said their spending on luxuries remains the same.

More consumers, led by Brazilians, Britons, French, Greeks and Americans, said they scrutinise prices more closely before filling the grocery cart.

But 'for some reason' Asian markets - Malaysia, Taiwan and Hong Kong - had the most people who said they are checking prices less, the survey said.

Buying on impulse has become a thing of the past for 82 per cent of Americans, 76 per cent of Britons, 78 per cent of Belgians and 70 per cent of the French.

However, 55 per cent of Hong Kong people and 72 per cent of Danes said they do the same amount of impulse buying, it said.

Holidays and branded goods are the first to go when family budgets are cut, but choices varied across markets.

For Americans and Greeks, restaurant meals with the family and friends were the first items given up, while Romanians put off buying high-tech gadgets.

Serbians said they gave up leisure travel, but 81 per cent of Danes said they had not cut spending on any of the items specified in the survey.

Twenty-per cent of respondents said they will spend less on bottled water, while a quarter of them said they will trim their budgets on alcoholic drinks.

For alcohol, 48 per cent of French people and 46 per cent of Britons said they will spend less.

Among smokers, 24 per cent said they will spend the same on cigarettes, with respondents from Mexico, France and Turkey leading those who will spend less to light up. -- AFP

S M T W T F S
01 02 03 04 05 06 07
Best viewed at 1152x864 resolution with IE 6.0 or FireFox 2.0 and above Copyright © 2008 Singapore Press Holdings Ltd. Co. Regn No. 198402868E | Privacy Statement | Terms & Conditions