Trend Agent: Daily posts on the weird, wonderful world of research

30 October 2009

Money grows on trees

Money grows on trees

Doesn't it? Oh.

Well, just say it did... Synovate asked more than 11,400 respondents across 16 markets what they would do if they were suddenly handed US$1,000. Why did we do this? Because we wanted some indication of what people's financial priorities are one year into the global financial crisis.

Overall, more people would pop it in the bank (28%) than anything else, but 17% would pay off / down debt, another 17% would spend it on necessities and a pleasure-seeking 15% would buy something fun.

It’s perhaps even more telling to look at these financial priorities market-by-market. Just yesterday, the US slunk out of recession (although no one's really out there celebrating just yet, including US President Obama), so let's see how American consumers are feeling.

A hefty 35% of American respondents would use their lazy $1,000 to pay down debt; showing that arguably world's most influential economy is now playing safe. A further 23% would put that money straight in the bank and 21% would spend it on necessities. It's all quite sensible and sobering. Only 7% would blow their loot on something fun.

It's probably a safe bet those numbers would have been quite different a year ago. And only time will tell if consumers are lifted by cautiously optimistic economic news. We'll certainly keep an eye on how people are feeling.

For more information about global attitudes to money and finance, please click here.

Artwork by Natasha Pod. Natasha is one of the many art students affiliated with UGallery.com. Please click here to see or purchase more of this artist's work.