NUREMBERG, Germany, May 25,
2017 /PRNewswire/ --
- Internationally, three times more people
firmly agree than disagree in wanting more time
over more money
- Even among people with low income, twice as
many firmly agree than disagree
- For those aged 60+, the gap narrows
significantly
In an online survey just released by global research experts,
GfK, three out of ten people (31 percent) would
firmly* prefer to have more time than more money
- compared to only nine percent who
firmly* disagree with that. And over four out of
ten (44 percent) firmly believe
that experiences are more important than possession -
compared to just three percent who firmly disagree with
that.
GfK asked 22,000 people across 17 countries how strongly they
agree or disagree with two statements: "I would rather have more
time than more money" and "Experiences are more important than
possessions".
Internationally, three times as many people firmly agree than
disagree that they would rather have more time than more money. And
well over ten times as many people firmly agree than disagree that
experiences are more important than possessions.
This preference for more time over more money is especially
important for people in China (41
percent), Brazil (37 percent) and
Argentina (32 percent). And
agreement with experiences being more important than possessions is
highest in Mexico (57 percent),
Argentina and the USA (both 53 percent).
Income plays a factor in consumers' mindsets, but possibly not
to the extent that may be imagined. There is only an
eleven-percentage-point difference between people in high income
households and those in low income households, when it comes to the
numbers who would prefer to have more time than more money (38
percent versus 27 percent).
A similar picture is seen in people's perception that
experiences are more important than possessions. Half of people in
high income households agree to this (50 percent) compared to 38
percent of those in low income households.
Money becomes relatively more
important to those over 60
There are also some differences to be noted between different
age groups. Internationally, those in their twenties and thirties
have the highest percentage of any age group that would prefer more
time to more money - standing at over a third (36 percent) each.
And they also have the smallest percentage of those strongly
disagreeing with that (7 percent each).
In contrast, for those aged 60 and over, there is a much tighter
difference in the numbers favoring more time to more money (19
percent) versus those indicating they would rather have more money
than more time (13 percent).
When looking at the perceived value of experiences versus
possessions, age does not make a significant different in outlook.
Those in their twenties are thirties are the most in favor of
experiences over possessions, with 46 percent firmly agreeing with
this, dropping to 40 percent for teenagers (15-19 year olds).
GfK's findings clearly show market potential for brands that can
associate themselves in consumers' minds with giving quality time
back into people's lives, or with making daily tasks simpler and
faster. Brands can also raise themselves above close competitors by
identifying ways to turn their purchase process into more of an
experience for the consumer.
Download GfK's complimentary report to see how results differ
for each of the 17 countries surveyed:
Footnote: *All the data presented in this release
represents the top 2 boxes (agreement) and bottom 2 boxes
(disagreement) from on a 7-point scale where "1" means "disagree
strongly" and "7" means "agree strongly."
http://www.gfk.com/global-studies/global-study-overview/