WAGGENER EDSTROM WORLDWIDE SURVEY CONDUCTED: OCTOBER 2009 Economy and Life © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 1.

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Presentation transcript:

WAGGENER EDSTROM WORLDWIDE SURVEY CONDUCTED: OCTOBER 2009 Economy and Life © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 1

Methodology © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. In October 2009, Waggener Edstrom Worldwide conducted a survey comprised of 20 questions using Zoomerang, to solicit US consumers input on how the economic downturn has impacted their work and spending behaviors. A total of 300 people participated in the survey. The audience represented consumers aged 18 to 65+. The margin of error for the total sample of 300 people is plus or minus 5 percentage points The following slides provide a summary of the replies. 2

Work © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 3

Thinking about the past six months, which of the following statements apply to you? The economic crisis continues to impact employees. Respondents noted budget cuts, frozen pay and layoffs at their place of employment. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 4

Thinking about the past six months, which of the following statements apply to you? While a majority claimed to enjoy their job as well as being happy with their company, almost fifty percent of respondents felt their job satisfaction had decreased over the past six months and 64 percent felt overall morale at their company had declined. Approval of senior management’s communication and outreach programs received only a lukewarm reception. Over 40 percent only agreed somewhat with how senior management communicated. This points to a need for more transparent communication. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 5

As a result of the recent economic downturn, how have your feelings changed in regards to the following aspects as they relate to your job? Overall compensation and job stability were both considered more important to consumers. Company’s financial performance and open and honest communication were also considered more important to respondents. Senior leadership was considered less important or had no change. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 6

How satisfied are you with each of the following? Overall, the majority of respondents were somewhat to highly satisfied with the level of information they are receiving and the communications from senior leaders. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 7

What would you suggest to senior leadership to help improve your company’s communication to employees? While “nothing” and n/a received a significant number of mentions, most respondents pointed to the need for open and honest communication. Employees want to feel as though they are being kept in the loop and understand how the economy and financial situation will impact them. Several respondents also pointed to the need for more frequent meetings. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 8

Spending Habits © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 9

How do your spending habits today compare to a year ago? The overall theme is looking for more ways to save money. Over 90 percent of respondents answered highly or somewhat agree to looking for more ways to save money. Respondents were also more cautious with their money. Comparing prices, doing more research and using coupons were considered good ways to save money. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 10

What will your spending habits look like six months from now? Consumers are searching for ways to save money. Saving money continues to be a key theme. The majority of respondents plan to continue to compare prices, do more research before making a large purchase and using coupons. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 11

In the next six months, how likely are you to make impulse "in the moment" purchases? Respondents were not interested in making impulse purchases. This continues the overall theme of saving and spending wisely. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 12

In the next six months, do you plan to spend more or less on the following items? On essentials like housing, insurance and health care, respondents plan to spend the same. However, respondents are planning on spending less on expenses considered to be extras like entertainment, fitness, clothing or consumer electronics. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 13

Over the next six months, how important are the following factors in influencing your purchasing decisions? Respondents did consider whether the products they purchase were from local businesses, those companies practicing good social responsibility or organic and green goods. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 14

What lessons will you take away from these difficult economic times? Respondents looked inward pointing to the need to be thankful and spend time with both friends and family. In terms of their own finances, respondents pointed to the need to pay closer attention to their finances as well as saving more. Being frivolous or living for the day was viewed as more dangerous. Most agreed job security is not a guarantee and the hardest worker will be safe. © 2010 Waggener Edstrom Worldwide, Inc. All rights reserved. 15