Money More An Indicator of Success in Developing Than Western Mkts

June 14, 2012

This article is included in these additional categories:

Asia-Pacific | Europe & Middle East | Financial Services | Global & Regional | Uncategorized

kantar-money-success-indicator-june2012.pngConsumers in key emerging markets are more likely to believe that money is the best measure of success than their counterparts in major Western markets, according to a Kantar Media survey of 449,000 middle class consumers in 10 major markets. Chinese adults are the most likely to say that money is the best measure of success, with an index score of 262, meaning they are twice as likely as adults in the other markets to hold this belief. Indians (170) and Egyptians (151) also over-index in this sentiment, while adults in the US (53) and the UK (32) are among the least likely to use money as a determinant of success.

Major Developing Markets Gloomier

Interestingly, despite the positive economic trends and potential seen in the world’s major developing markets, along with the economic difficulties faced in the more mature Western markets, middle class consumers in the former group appear to be generally more dissatisfied with their current situation and less optimistic about the potential for them to change their lives for the better.

For example, consumers in China and South Africa occupy both the unhappy and pessimistic end of the spectrum. And while Indian consumers are among the happier of the developing markets (still trailing the more mature Western markets), a majority of them feel resigned to their condition, making them the second-most pessimistic country after South Africa.

By contrast, US, UK, and German consumers all fall into the happy and optimistic category, with roughly two-thirds happy and less than 1 in 5 pessimistic about their ability to change their situation.

Research Differs on Countries’ Relative Happiness

A comparison of these findings with others from an Ipsos survey of global happiness released in February 2012 yields some interesting results. On the one hand, India ranks highly in the Ipsos survey among the 24 countries studied, with 89% of adults indicating they are at least rather happy. This aligns well with the Kantar Media results, which show India to be one of the happier developing markets.

On the other hand, the Ipsos study found adults in Turkey (87%) to be more likely to say they are rather or very happy than adults in the UK (79%), a finding which is very much at odds with the Kantar results, which has Turkey as the second unhappiest of the 10 markets, and the UK as the third happiest.

One reason for the discrepancy could be that Kantar was measuring happiness by standard of living, while Ipsos measured happiness in general. Also, the Kantar survey respondents were middle class consumers in their respective countries, while the Ipsos respondents were adults in general.

Developing Market Consumers Most Willing to Sacrifice Family for Career

Meanwhile, according to the Kantar Media survey results, the middle class in the major emerging markets are far more likely than those in the UK, US, and Germany to be willing to sacrifice their family time for the purpose of career ambition. Those in Egypt are the most willing, followed by those in China and South Africa.

In related research also released in June, 86% of American fathers today are spending more time with their children than their own fathers did in the previous generation, according to a survey conducted by the Ad Council. Even so, more than 8 in 10 fathers report feeling financial pressure as a result of their role as a father, with the slow economy and high unemployment rates among the biggest challenges to being an engaged father.

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