havas prosumer report: money, money, money
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COMITÉ MÉDICIS ROME – 25 NOVEMBRE 2016
2016 GLOBAL PROSUMER STUDY
Argentina ● Australia ● Belgium ● Bosnia and Herzegovina ● Brazil ● Cambodia ● Canada ● China ● Colombia ● Croatia ● Czech Republic ● Estonia France ● Germany ● India ● Ireland ● Italy ● Japan ● Laos ● Latvia ● Lithuania ● Mexico ● Myanmar ● Netherlands ● Philippines ● Portugal ● Russia
Saudi Arabia ● Serbia ● Singapore ● Slovenia ● South Africa ● Spain ● Turkey ● United Arab Emirates ● United Kingdom ● United States
37 markets n=11,976
WHO ARE PROSUMERS?
For more than a decade, Havas has been tracking the roughly 15‒20% of consumers who are influencing trends and shaping markets around the globe
Key characteristics:
• Embrace innovation • Constantly seek out information & experiences • Enthusiastic adopters of new media & technologies • “Human media” who transport attitudes & ideas • Marketing savvy and demanding of brand partners • Highly influential and sought-after for opinions & recommendations
In this study, 20% of the sample qualify as Prosumers
OBJECTIVE: UNDERSTAND HOW PEOPLE ARE REACTING TO ECONOMIC SHIFTS
Including:
o The rise of financial insecurity
o Changing attitudes toward money and credit
o Rethinking capitalism
o Fintech and the future of banking
o Implications for brands
5
THE GLOBAL ECONOMY AND ME
THE FLAWS OF OUR INTERCONNECTED SYSTEM
GLOBAL CRISES
NATIONAL CRISES
PERSONAL CRISES
7
CONFIDENCE HAS TAKEN A HIT AT ALL LEVELS
How worried are you about each of the following? (% very/somewhat worried)
GLOBAL FEARS…
74% / 66% PROSUMERS / MAINSTREAM
“I am worried about a global economic recession”
68% / 65% MILLENNIALS / BOOMERS
68/54 51/40 57/66 63/82 71/62 83/84
8 Image: Creative Commons/Gabriele Diwald@flickr.com (% very/somewhat worried)
…COMPOUNDED BY NATIONAL FEARS…
63% / 57% PROSUMERS / MAINSTREAM
9
60% / 49% MILLENNIALS / BOOMERS
58/36 41/13 60/74 56/49 81/78
“I am worried about my country going bankrupt”
Image: Creative Commons/Ben Tavener@flickr.com (% very/somewhat worried)
…COMPOUNDED BY PERSONAL FEARS
69% / 67% PROSUMERS / MAINSTREAM
“I am worried about running out of money as I grow older”
68% / 58% MILLENNIALS / BOOMERS
74/47 74/33 75/75 61/52 62/57
10 Image: Creative Commons/Daniel Grosvenor@flickr.com (% very/somewhat worried)
VS
DEVELOPED MARKETS WORRY IT’S ALL DOWNHILL FROM HERE
14% / 15% PROSUMERS / MAINSTREAM
“Children born today will have more financial security than their parents had”
16/24 21/16 4/3
11
7/11 10/8 7/7
“Children born today will have more financial security than their parents had”
59/65 65/57 56/58
65/50 60/61 52/40
60% / 55% PROSUMERS / MAINSTREAM
Image: unsplash.com: Justin Peterson
Developed markets Emerging markets
IN TURN, PESSIMISM/OPTIMISM AFFECTS A COUNTRY’S MOMENTUM
12 Prosumer Report, Pride & Prejudice, 2016 Image: Creative Commons/Adam Cohn@flickr.com
WHAT WE WILL COVER IN THIS REPORT
13
14
IN RECENT YEARS, FRUGALITY HAS BEEN VENERATED
53% / 51% PROSUMERS / MAINSTREAM
“I could happily live without most of the items I own”
31/28 55/66 50/60 48/40 57/50 63/67
15 Prosumer Report, The Sharing Economy, 2014 Image: unsplash.com: Jez Timms
16
TODAY, UNCERTAINTY MAKES US MORE PRAGMATIC THAN IDEALISTIC
“We need to get used to living in a world with less economic growth than in the previous century”
PROSUMERS / MAINSTREAM
63%
60%
57%
62%
65%
54/56 62/63 67/60 80/77 49/57 70/71
Image: unsplash.com: Jordy Meow
WE HAVE TO PREPARE FOR THE WORST…
“I need to get used to living in a world with less money than I had a few years ago”
17
46/55 60/51 44/42 72/65 48/66 68/64
58%
58%
54%
59%
63%
PROSUMERS / MAINSTREAM
Image: unsplash.com: Tikkho Maciel
…AND WE MUST PREPARE OUR CHILDREN AS WELL
87% / 83% PROSUMERS / MAINSTREAM
“Parents should teach their children to be happy with less money and fewer possessions”
89% / 82% PROSUMERS / MAINSTREAM
“At school, children should be taught the ‘cost of things’ (how much it costs to attend college,
maintain a car, rear a child, etc.)”
90/77 90/86 89/86 81/82 92/84 82/72 92/83 90/80 96/90 94/82 84/80 81/63
18 Image: Creative Commons/Michael@flickr.com
19
RISK PERCEPTION & PROJECTION: A CULTURAL DIVIDE
RISK-TAKING MARKETS ARE LESS WORRIED ABOUT THE FUTURE…
20
“I worry about losing money I’ve invested” “I worry about my adult child(ren) requiring my financial support” (PARENTS ONLY)
…WHILE RISK-AVERSE NATIONS ARE MORE PESSIMISTIC
21
“I worry about losing money I’ve invested” “I worry about my adult child(ren) requiring my financial support” (PARENTS ONLY)
22
BUT, THERE IS A BUT…
23
“MONEY CAN’T BUY HAPPINESS, BUT NEITHER CAN POVERTY”
LEO ROSTEN (AMERICAN HUMORIST)
Image: unsplash.com:, Tpujohn Das
77% / 71% PROSUMERS / MAINSTREAM
“My life would be better if I had more money”
62/66 71/58 81/75 77/64 81/76 83/79
24
AS IT TURNS OUT, MONEY CAN BUY HAPPINESS
80% / 73% PROSUMERS / MAINSTREAM
“I would be happier if I had more money”
61/70 74/66 90/83 79/58 85/77 83/81
77% OF MILLENNIALS GLOBALLY WOULD BE HAPPIER WITH MORE MONEY
Image: unsplash.com: Seth Doyle
HOWEVER, HAPPINESS DEPENDS ON MONEY NOT BEING OUR SOLE FOCUS
PROSUMERS / MAINSTREAM
“Money gives meaning to my life”
21/36 34/30 69/54 45/30 74/63 42/43
PROSUMERS / MAINSTREAM
“People obsessed with money are missing out on the true meaning of life”
71/76 88/72 77/62 87/81 79/81 92/87
VS
25
47%
40% 40%
39%
33%
81%
76% 77%
78%
78%
Image: unsplash.com: Juan Galafa
“THE GOOD LIFE” IS ABOUT SIMPLICITY, NOT MINDLESS CONSUMPTION
“I admire people who are rich and live simply” “I admire people who are rich and are not afraid to show it”
VS
75/59 61/46 71/72 74/71 81/89 93/86
MILLENNIALS / BOOMERS
43/15 31/15 49/18 22/14 56/52 34/33
MILLENNIALS / BOOMERS
26
84%
73% 77%
74%
70%
34%
29% 31%
30%
22%
Image: unsplash.com: Sarah Dorweiler
WEALTH IS NOT ABOUT HAVING MORE BUT ABOUT GETTING MORE OUT OF LIFE
27
78% of US millennials would choose to spend money on a desirable experience or event
over buying something desirable
Eventbrite’s Research of Millennials
48% / 42% PROSUMERS / MAINSTREAM
“I would rather spend money on an experience than on a product”
49/41 55/38 56/42 46/44 52/60 46/53
47% / 41% MILLENNIALS / BOOMERS
* Prosumer Report, Sharing Economy, 2014 Image: unsplash.com: Vaida Tamosauskaite
EXCEPTION: IN EMERGING ECONOMIES, MONEY IS A WAY TO DIFFERENTIATE
28
“Money gives meaning to my life”
62/52 85/92 73/71 62/73
“Money is essential to stand out in the crowd”
67/44 90/84 71/56 56/60 81/73 64/80
PROSUMERS / MAINSTREAM PROSUMERS / MAINSTREAM
69/54 74/63
Image: unsplash.com: Hisu Lee
29
DOWN WITH DEBT
WE ARE BURDENED BY DEBT (YOUNGER PEOPLE ESPECIALLY)
30
GLOBAL DEBT = 3X THE SIZE OF THE GLOBAL ECONOMY
↑ $60BN SINCE 2007, TO REACH A TOTAL
OF $200TR
McKinsey Global Institute 75/39 62/29 85/80 62/53 80/71 89/79
MILLENNIALS / BOOMERS
“My life would be better if I had less debt”
76%
68%
72%
72%
57%
Image: Creative Commons/16:9Clue@flickr.com
31
HOW MUCH DOES YOUR NEWBORN OWE ?
2012 (US)
2016 (US)
Sources: US Office of Management and Budget, US Census Bureau, and Congressional Budget Office
STUDENT DEBT IN US: $1.2TR
32
DESPERATION LOOMS
“What would you be willing to do to get rid of debt?”
US MILLENNIALS
34% would sell most of the things they own
21% would get Kardashianized*
14% would sell an organ
10% would sell drugs
9% would steal
9% would prostitute themselves * Turn private life into reality TV show
Image: Creative Commons/Our Lady of Disgrace@flickr.com
WE ADMIRE THE DISCIPLINED
49% / 46% PROSUMERS / MAINSTREAM
“I admire people who avoid using credit cards”
VS 50% MILLENNIALS
41% BABY BOOMERS
59/58 48/47 67/6562/46 38/27 27/27
33 Image: unsplash.com: Volkan Olmez
AND WE TRY TO RESERVE DEBT FOR ONLY THE MOST ESSENTIAL INVESTMENTS
34
For which of these would you be willing to take out a loan/incur debt?
35
PERCEPTIONS OF VALUE IN THE SHARING ECONOMY
36
TODAY, SO MUCH INFORMATION AND ENTERTAINMENT IS LOW-COST OR FREE
37
“We live in a world where fewer and fewer things are free”
90/78 83/81 77/8383/85 93/94 56/70
“We live in a world where more and more things are free”
10/22 17/19 23/1717/15 7/7 44/30
YET, WE FEEL AS THOUGH WE’RE CONSTANTLY REACHING INTO OUR WALLETS
VS
82%
86%
82%
86%
90%
19%
14%
18%
14%
10%
PROSUMERS / MAINSTREAM PROSUMERS / MAINSTREAM
Image: unsplash.com: Vitaly
38
“The sharing economy is helping people become successful entrepreneurs”
THE P2P ECONOMY HAS MONETIZED US, MAKING US MORE AWARE OF OUR VALUE…
53/42 82/78 82/69 53/31 69/54 62/46
67%
51%
55%
52%
44%
PROSUMERS / MAINSTREAM
39
“The sharing economy is taking advantage of workers to keep prices low for the rest of us”
…WHILE ALSO MAKING US LEERY OF ATTEMPTS TO TAKE ADVANTAGE OF US
38/40 67/64 50/47 61/38 71/50 43/43
53%
45%
46%
48%
41%
PROSUMERS / MAINSTREAM
40
WE’D RATHER HOST A REFUGEE THAN SHARE OUR PRIVATE DATA FOR FREE…
Which of these would you be willing to do for free?
41
…UNLESS WE GET SOMETHING IN EXCHANGE
“I am happy to share my personal data in exchange for free access to culture/entertainment and information”
“I am happy to watch advertising in exchange for free access to culture/entertainment and information”
Image Unsplash.com: Anthony Delanoix
43
OUR ECONOMIC SYSTEMS ARE BEING CALLED INTO QUESTION
55% / 54% PROSUMERS / MAINSTREAM
“My country’s current economic model isn’t working”
67 / 65 48 / 49 19 / 32 79 / 69 53 / 60 57 / 60
Image: Creative Commons/Sam viladi@flickr.com
44
A GROWING SENSE OF CAPITALISM RUN AMOK
63% / 55% PROSUMERS / MAINSTREAM
“I worry that current conditions will lead to a violent conflict between the rich and the poor”
44/42 39/29 64/61 57/58 67/67 75/66
57% / 53% MILLENNIALS / BOOMERS
59/24 42/22 72/54 51/40
91/73
Image: Creative Commons/Benno Hansen@flickr.com
45
THE MIDDLE CLASS IS STRUGGLING TO HANG ON
“It frustrates me that I have to spend so much of my time working just to support myself/my family”
56%
50%
57%
55%
38%
46
A SENSE OF INJUSTICE PREVAILS—EVEN IN TRADITIONALLY MERIT-BASED SOCIETIES
51/43 43/35 38/26
“The harder a person works, the more money he or she will earn”
51% / 40% PROSUMERS / MAINSTREAM
31/30 30/26 36/42 40/30
Image: unsplash.com: Jesse Orrico
47
HOW DO WE REBOOT OUR FINANCIAL SYSTEM?
48
1. GOVERNMENT AS JOB CREATOR…
“To fight unemployment, governments should invest more in science and technology”
64/57 69/58 91/71 78/58 92/80 91/82
“To fight unemployment, governments should invest more in rebuilding/repairing aging infrastructures”
72/69 82/67 74/58 74/62 85/79 78/72
PROSUMERS / MAINSTREAM PROSUMERS / MAINSTREAM
83%
71%
70%
74%
74%
77%
69%
63%
70%
76%
Image: Creative Commons/Errin@flickr.com
49
77% / 70% PROSUMERS / MAINSTREAM
“Countries that provide free- or low-cost college/university to their citizens will have an economic edge in the future”
62/66 73/62 88/74 88/72 84/80 89/83
…AND EDUCATION SPONSOR
Image: unsplash.com: Baim Hanif
VS
50
2. MORE EQUITABLE TAXATION…
“I admire people who use legal means to avoid paying their fair share of taxes”
“I resent individuals who don’t pay their fair share of taxes”
31%
31%
38%
32%
23%
83%
80%
76%
81%
86%
Image Unsplash.com: Jon Flobrant
VS
51
…ESPECIALLY FOR COMPANIES
“It’s just good business for companies to avoid paying their fair share of taxes”
“I resent companies that don’t pay their fair share of taxes”
28%
29%
32%
29%
23%
83%
80%
76%
81%
86%
Image: unsplash.com: Julian Alexander
52
3. A SPIRIT OF SHARING—INDIVIDUALLY…
75% / 59% PROSUMERS / MAINSTREAM
“It makes me feel good to share my money with people in need”
84/61 73/46 71/49 48/33 90/79 87/65
Image: unsplash.com: Madi Robson
…AND/OR GOVERNMENT MANDATED
69% / 63% PROSUMERS / MAINSTREAM
“The world’s wealth should be redistributed so no one is extremely rich and no one is extremely poor”
67/52 87/77 79/69 69/70 88/78
THE YOUNG ARE LEADING CHANGE
65% / 59% MILLENNIALS / BOOMERS
61/29 69/44 75/50
70/54
53
83/83
70/30 61/52
Image: unsplash.com: Didier Weemaels
54
LIVE TO WORK OR WORK TO LIVE ?
55
PEOPLE ARE RELUCTANT TO REDUCE THEIR WORK HOURS
41%
40%
40%
41%
36%
“To fight unemployment, people should work fewer hours so more positions are available”
Image: unsplash.com: Breather
56
WORK IS ABOUT FULFILLMENT, PURPOSE & MEANING
“Parents should steer their children toward high-earning careers”
“Parents should steer their children toward careers they’ll love, regardless of how much they pay”
VS 19%
18%
17%
18%
13%
82%
83%
83%
82%
87%
Image: unsplash.com: Ben White
57
BUT, PERCEPTIONS OF WORK REMAIN CULTURAL
“If I were to become a billionaire tomorrow, one of the first things I would do is quit my job”
36/49
61/55 61/55
54/38 36/36
LIVE TO WORK WORK TO LIVE
65/52 60/62
48/39 42/45
VS
41/45
33/45
33/28
Prosumer/Mainstream
44% / 43% PROSUMERS / MAINSTREAM
BANKS ARE HERE TO STAY
“By the end of this century, banks will have completely disappeared”
“Banks do not help me reach my financial goals, so I will not need them in the future”
59
MILLENNIALS / BOOMERS
40/10 26/12 25/6 12/15 27/20 32/24 44/19 25/11 29/20 36/25 36/29 37/32
MILLENNIALS / BOOMERS
19%
16%
20%
16%
14%
29%
26%
28%
27%
23%
Image: unsplash.com: Tim Evans
60
“My bank costs me too much money” “My bank helps me save money”
VS
FOR NOW, THEIR PROS OUTWEIGH THEIR CONS
MILLENNIALS / BOOMERS
23/22 25/26 37/36 74/67 12/19 56/65 77/78 75/74 63/64 26/32 89/81 44/35
MILLENNIALS / BOOMERS
43% PROSUMERS 46% MAINSTREAM 43% MILLENNIALS 52% GEN XERS 47% BOOMERS
56% PROSUMERS 53% MAINSTREAM 57% MILLENNIALS 48% GEN XERS 53% BOOMERS
Image: Creative Commons/HSBC Canada@flickr.com
61
THE WEST, ESPECIALLY, IS ATTACHED TO TRADITIONAL BANKING
Image: Creative Commons/Adrian Berg@flickr.com
39%
31%
33%
32%
25%
“Traditional banks are outdated”
45/14 26/14 36/36 26/18 50/48 47/41
MILLENNIALS / BOOMERS
HOWEVER , THERE IS ROOM FOR IMPROVEMENT
OPPORTUNITY FOR BANKS TO EDUCATE AND EMPOWER…
63
71%
59%
64%
61%
50%
“I wish I were smarter about spending and saving money”
64/37 58/18 75/74 53/42 80/72 78/64
MILLENNIALS / BOOMERS
“Spending and investing my money makes me feel smart”
69/34 56/32 65/58 54/35 81/79 67/46
MILLENNIALS / BOOMERS
74%
57%
66%
59%
46%
Image: Creative Commons/John Mettraux@flickr.com
64
…TO PLAY A LARGER ROLE IN MAJOR LIFE DECISIONS/CHANGES…
“My bank makes my everyday life better” “My bank helps me with life-changing projects/matters”
52/74 56/85 40/56 21/29 68/80 67/84
MILLENNIALS / BOOMERS
48/26 44/15 60/44 79/71 32/20 33/16
MILLENNIALS / BOOMERS
VS
Image: Creative Commons/Tax Credits@flickr.com
57%
59%
57%
60%
66%
42%
39%
43%
40%
34%
65
…AND TO OFFER MORE COMPREHENSIVE SERVICES
“I would like to have most of my financial life* bundled within a single organization”
62/31 53/20 37/8 49/37 68/47 66/62
MILLENNIALS / BOOMERS
Image: Creative Commons/Miwok@flickr.com
*e.g., banking, investments, mortgage, life/car/home insurance
AN EAGER AUDIENCE FOR DIGITAL ADVANCES—ESPECIALLY IN EMERGING MARKETS
48% / 77% NON-BRICS PROSUMERS / BRICS* PROSUMERS
42% / 19% GLOBAL MILLENNIALS / GLOBAL BOOMERS
VS
“I would like to be able to pay for everything with my smartphone”
77/56 72/40 61/36 49/7 29/5 18/6
Image: Creative Commons/Vodafone Medien@flickr.com 66 *BRICS: Brazil, Russia, India, China, South Africa
RETHINKING THE WALLET
57% / 76% NON-BRICS PROSUMERS / BRICS PROSUMERS
46% / 34% GLOBAL MILLENNIALS / GLOBAL BOOMERS
VS
“Within the next few years, I expect to be able to make payments via wearable technologies (e.g., a microchip
embedded in a watch or pin)”
75/61 60/44 60/52 54/18 37/21 21/10
Image: Creative Commons/NEC Corp. of America@flickr.com 67
58% / 76% NON-BRICS PROSUMERS / BRICS PROSUMERS
“I would like to be able to pay at cash registers through biometrics (e.g., facial recognition, fingerprint/eye scan)”
48/21 30/15 63/44 28/21 77/62 60/52
41% / 28% GLOBAL MILLENNIALS / GLOBAL BOOMERS
VS
A THREAT FROM TODAY’S TECH LEADERS?
30% / 45% NON-BRICS PROSUMERS / BRICS PROSUMERS
“Google is the future of banking”
43/7 22/5 34/20 11/9 56/49 45/29
28% / 13% GLOBAL MILLENNIALS / GLOBAL BOOMERS
VS
Image: Google 68
69
CAVEAT: DIGITAL-ONLY COMES WITH A DOWNSIDE
“Digital-only banks lack human contact/personal advice”
62/62 54/64 51/32 59/76 65/76 56/60
MILLENNIALS / BOOMERS
Image: unsplash.com: Matthew Guay
70
THERE’S ALSO BROAD SUPPORT FOR A COMMON CURRENCY
Image: Creative Commons/Jimelovski Platano Macho@flickr.com
“The world would be better if everyone shared a single currency”
50/22 48/23 47/34 37/33 73/70 70/67
MILLENNIALS / BOOMERS
71
AND AROUND 1 IN 3 PROSUMERS & MILLENNIALS WOULD LIKE TO SEE MORE LOCAL CURRENCIES
Image: Berkshares
“I would like to buy more things with a community-based currency (a currency that can only be used at local
businesses)”
45/7 31/7 45/26 25/17 55/41 49/30
MILLENNIALS / BOOMERS
37%
26%
32%
26%
16%
MOST ARE NOT READY TO GIVE UP ON CASH
“In coming years, Bitcoin and/or other virtual currencies will completely replace cash”
72
44/8 26/11 28/12 13/11 62/43 46/33
MILLENNIALS / BOOMERS
Image: Creative Commons/Antana@flickr.com
34%
24%
30%
24%
15%
74
OFFER SERVICES THAT FIT MODERN LIFESTYLES
UK bank built specifically for smartphones offers real-time spending notifications, free instant cash transfers to other
Monzo users, budgeting help, 24/7 customer service, online community, and zero fees.
POSB bank in Singapore added a human touch to digital transactions by introducing a Video Teller Machine that lets customers interact face-to-
face with customer service reps 24/7.
75
HELP PEOPLE TAKE CONTROL OF THEIR FINANCES
Mastercard is testing a chatbot that helps customers monitor their spending and become more financially literate.
In Scandinavia, Bank of Aland’s biodegradable payment cards track not just what customers spend, but also the eco impact of
their purchases. Monthly reports detail the user’s carbon footprint, along with offers to offset it.
76
EMPOWER PEOPLE—EVEN THOSE WITH MINIMAL FUNDS
Stash is an investing app targeted to millennials (funding options include Clean & Green and Defending America). Only
$5 is required to open an account.
WiseBanyan offers a fee-free passive approach to investing that revolves around life goals such as “rainy day fund” and retirement. Customers can
start investing with as little as $1.
77
FIND YOUR NICHE AND FIGHT YOUR BATTLE
This digital investment platform exclusively for women takes into account women’s risk preferences, lifetime salary curve, career breaks, and gender wage gaps.
78
LET CUSTOMERS KNOW THEY ARE SCORING A GREAT DEAL
Jet.com tantalizes shoppers with prices that go down as they add more merchandise to their carts. Prices drop even further when customers pay with a debit card or opt out of free returns.
THANK YOU
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