Ipsos Reid

Ipsos Reid

December 23, 2008 02:01 ET

Global Economic Meltdown: Systemic Shock

Attention: News Editor, World News Editor TORONTO, ON--(Marketwire - Dec. 23, 2008) - The present economic crisis is systemic and global

Consumer optimism has dipped across the globe, leaving no region untouched:

What started out as a crisis of confidence localized in Anglo-Saxon and Northern European countries has spread like a contagion, eroding consumer confidence across the globe

Emerging Markets-heretofore stalwart guardians of global consumer confidence-have shown a precipitous decline in optimism as well. Case in point is China, registering a 42% decline in optimism from 2007 to 2008. India shows a similar trend…Brazil is the only exception to this trend

Germany, Holland, and Sweden have also shown some resilience in the crisis

In response to the crisis, a super-majority of the world's consumers have already made cuts to their family budgets
72% are cutting back expenses in some way

Entertainment is the first on the chopping block (with luxury goods, vacations, and clothing not far behind)
The rank order of the cuts, however, varies across countries.

The cuts are most profound at the epicenter of the crisis, with Americans more likely to cut across the board than consumers in other countries

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