Key research: Consumer sentiment towards globalisation
Dr Sara Warneke, MD, gfu Consumer & Home Electronics, discussed the ‘The Way Back Home’ at the IFA+ Summit. The representative study, conducted in August, compares consumer sentiment towards globalisation in China, France, Germany, India and the US resulting from the global political situation.
The study revealed scepticism towards globalisation as a worldwide phenomenon, which was more significant among respondents in India and France. Nine times more respondents were critical of globalisation than not in India, compared to more than half in Germany, and less than half in the US and China.
Regarding demographics, the study found that male consumers, and consumers who are younger and more educated, tend to be more sceptical of globalisation, while differences in income for resondents do not seem to influence attitudes.
Consumer concerns include interrelationships and dependencies between countries. This stems largely from the restricted supply of goods manufactured overseas during Covid, and the global implications of the Russia-Ukraine conflict. A second concern is sustainability, with France among the countries that find globalisation to be bad for sustainability, especially when considering the shipping of goods and global energy consumption.
Overall, 75% of study participants said buying locally-made products had become more important. Almost two thirds of respondents now prefer local brands, and two thirds are increasingly interested in where materials, components and parts of products come from. While consumers in China and India have always had a high awareness of the origin of a brand, the study noted a very strong shift towards a higher awareness in Germany, France and the US. Dr Warneke commented: “There is a clear trend among consumers to shift their purchasing decisions more in the direction of domestic brands.”
Photo: IFA+ Summit 2022 THE WAY BACK HOME? International Consumer Study on Globalization in Consumer & Home Electronics Dr. Sara Warneke, gfu Consumer & Home Electronic