Stephan Musikant
International research released today by Ciao, Europe’s leading comparison shopping community, offers new insight into the impact of the recession on people across Europe highlighting key differences in the responses from each country.
Across the board people said that they were spending more time researching before making a purchase.
In the UK, one in five will no longer make a purchase without extensive online research. In Germany, this figure rises to 27%. In France it is 13%, while in Spain and Italy one in ten people said that their research had increased.
"We conducted our research across Europe to drill down on the different impact the credit crunch is having on different markets," says Stephan Musikant, General Manager, Ciao Commerce Division at Microsoft.
"The results highlighted some surprising differences in local responses. One point, however, is consistent: people still love to shop but they’re working harder to get the best from their money!"
Most affected overall by the credit crunch are the Brits and the Italians. 82% and 86% respectively said that they felt the economy had affected them personally.
The most resilient nation is France, where an impressive 63% said that they had yet to really feel the downturn. This is very much the exception: for most people, the priority is in saving money and using the internet to do so.
For example:
* One in three Brits has decided to save money by cutting back on their smoking habits. The credit crunch is actually improving the nation’s health.
* One in ten Germans has prioritised home decoration as their top money spending activity more than twice the number of any other European country. >> The Germans are cocooning themselves away from the economic impact.
* An altruistic one in four Italians are spending their time volunteering instead of shopping. A nation coming together to support each other through difficult times.
* 36% of the unconcerned French are responding to the credit crunch by spending more time partying with their friends!
The good news for Brits is that we’re getting a better long-term view 54% of people are making a conscious effort to save more money.
In Germany, only 29% are focusing on savings, a figure that rises to 57% in Spain and 41% in France and 65% in Italy.