While men tend to be decision makers in major purchases in the household like electronics and cars, women are usually at the core of grocery, healthcare, beauty, clothing and childcare purchases. Another survey revealed that 40% of the women in emerging markets like Malaysia are willing to spend more money on vacations.
According to Nielsen’s Global Survey of Consumer Confidence and Spending Intentions, Malaysians have changed their spending habits to accommodate what respondents perceived to be a tougher future ahead. Having said so, Malaysia takes seventh place among 56 countries surveyed on the most optimistic job prospects list, with 64% online respondents rating their job prospects as excellent or good over the next 12 months.
85% of the 500 respondents in Malaysia reported that their spending patterns have changed to manage their household budget. 58% of those said they spent less on new clothes, 56% downsized on out-of-home entertainment, 53% switched to cheaper grocery brands and 54% reported to cutting down on telephone expenses.
Does this mean that women will start going into brands that are inferior in quality? Most likely not. Nielsen has found that the most important drivers to bring women into stores was good value and quality products. Also, people tend stick to good quality brands that they are familiar with.
Maybe cutting down to just one cup of bubble milk tea a week?
