Small was big and less was more during slowdown

Font Size

Print

Feedback

Email

Discuss

Related Articles

Gold the most preferred investment

: Starcom MediaVest Group, the brand communications arm of Paris-based Publicis Groupe, which is one of the world’s top marketing services company, recently released a study on how the recent economic downturn impacted consumers across Asia and the lessons to be learnt from consumer behaviour during challenging times (highlights of the study in the graphics below). The study, which measured consumers’ brand behaviour and media consump- tion habits, was supported by the group’s real-time consumer intent behaviour tracking tool, IntenTrack. IntenTrack samples around 250 consumers across 35 product categories on a weekly basis and tracks consumers’ intent to research, purchase or recommend 400 brands in 32 countries. Joanna von Felkerzam, head—insights and captivation, at Starcom MediaVest Group, Asia, and also one of the authors of the study, was in Mumbai recently. She spoke with FE’s Pritha Mitra Dasgupta about various aspects of the report. Edited excerpts:

Why was the research done and how is it going to benefit Starcom MediVest Group and its clients?

The slowdown had a big impact on countries outside Asia. It, however, impacted Asian consumers as well to a good extent. We wanted to know how the Asian consumers were faring at a time when the world was battling with the slowdown and to better understand their realities, behaviour and attitude. This in turn helps us anticipate and prepare ourselves as we move through the timeline of the slowdown to recovery. Our clients benefited from having a cross-market understanding of consumer realities and the underlying change in mindset and needs that have a direct impact on brand purchase decision-making.

Tell us about some of your key findings about the Indian market.

We saw that more time spent at home watching TV or surfing the internet on account of postponed or cancelled holidays and time spent viewing TV increased in the first half of 2009 as compared to 2008. In fact, more overseas holidays were cancelled. We had predicted earlier that low-cost airlines would make money and domestic getaways will be popular, especially, the pilgrimage getaways. Secondly, virtual and offline socialising such as online socialising on Facebook, Twitter saw an approximately 500% growth in the number of registered users in 2009 compared against 2008. Thirdly, we had said faith in government institutions such as banks will see a revival with a spate of fresh account openings or investments and there would be less faith in private banks.