表紙
市場調查報告書

經濟衰退中的金融服務消費者

Recessionary Consumers in Financial Services

出版商 GlobalData 商品編碼 955194
出版日期 內容資訊 英文
訂單完成後即時交付
價格
經濟衰退中的金融服務消費者 Recessionary Consumers in Financial Services
出版日期: 2020年08月21日內容資訊: 英文
簡介

消費者面臨著大流行的不確定性和衰退的消息,預計即使在危機消退之後,行為也會發生重大變化。消費者可能會因國家/地區,就業穩定性,個人情況,普遍樂觀情緒以及他們實際感受到的影響而做出不同的反應。各國現在已擺脫危機,開始進入嚴重的衰退,預計鎖定行為將繼續存在,並可能取決於經濟收縮的嚴重程度而改變,這與消費者的財務狀況有關。相信不會有影響。

該報告詳細介紹了經濟衰退期間的金融服務消費者,並提供了有關銀行定位策略,消息傳遞和產品功能調整的信息。

目錄

第1章執行摘要

  • 市場概況
  • 主要發現
  • 成功的重要因素

第2章處於衰退中的消費者

  • 消費者信心低下
    • 因危機而失去信任
    • COVID-19及以後的消費者

第3章避免不確定性

  • 危機和蕭條所特有的變化和不確定性
  • 對PFM的需求不斷增長
    • 經濟不確定性和變化
    • 經濟衰退期間的消費者儲蓄和支持工具
  • 關鍵流體解決方案
    • 由於持有和分配風險資產增加而導致的損失增加
    • 富裕人士投資組合的多元化和建議
  • 市場停滯對避免風險產生重大影響
    • 2008年金融危機數據
    • 年輕消費者和富裕消費者
    • 財務參與度活動的可接受性
    • 關注資金

第4章待處理流

第5章消費者行為的變化

第6章數位通道移位

第7章新產品的興起

第8章動作要點

第9章附錄

目錄
Product Code: GDFS0269IA

Consumers are coping with high degrees of uncertainty regarding the pandemic and depressing recessionary news. As a result, there will be key changes to attitudes and behaviors that will persist well after the crisis subsides. Each consumer will respond in a different way depending on their country, job security, personal situation, and general optimism, as well as the real-life effects they have felt. Countries are now beginning to exit the crisis into a harsh recession; some lockdown behaviors will become embedded, while others will change based on the severity of the economic contraction. This will impact consumers irrespective of their financial position.

This report details the major enduring changes to consumer spending and banking habits that occur during a recession and recovery. It outlines how banks should tailor their targeting strategies, messaging, and product features to best cope with the precipitous and enduring loss of consumer confidence around the world.

Scope

  • Consumer confidence has collapsed and will remain depressed.
  • Uncertainty avoidance and risk aversion will be dominant forces.
  • Consumers will be streamlining their spending even outside of lockdown periods.
  • Switching will decline for core banking products.

Reasons to Buy

  • Develop and enhance your client targeting strategies using our data on how consumer behavior will shift in the recession.
  • Give your marketing strategies the edge required and capture new clients using insights from our data on customers' preferences for the various key banking products.
  • Tailor your investment product portfolio to match the current and future demand for different asset classes among recessionary-minded investors.
  • Develop your payments proposition to match the service and product demand expressed by consumers streamlining their lifestyles in light of the recession.

TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

  • 1.1. Market summary
  • 1.2. Key findings
  • 1.3. Critical success factors

2. RECESSIONARY CONSUMERS

  • 2.1. Consumer confidence is low regardless of direct experiences
    • 2.1.1. The crisis has precipitated a dramatic and enduring fall in confidence
    • 2.1.2. Consumers in the post-COVID-19 crisis period are anxious and will remain so going forward

3. AVOIDING UNCERTAINTY

  • 3.1. Change and uncertainty are hallmarks of crisis and recession
  • 3.2. Demand for PFM rises as consumers worry
    • 3.2.1. Economic uncertainty and change leads most consumers to engage more with their finances
    • 3.2.2. Consumers want to cut back and save more in recessions, andvalue tools that help them do so
  • 3.3. Despite being more exposed to risk assets those in higher asset bands bear up the best, but liquidity solutions are key
    • 3.3.1. Mass affluent investors' greater holdings of and allocations to risk assets expose them to greater losses, but the segment will recover more rapidly
    • 3.3.2. HNW investors' more diversified portfolios and higher penetration of advice mitigates downward volatility, but providing liquidity is essential
  • 3.4. Market downturns have a significant impact on risk aversion
    • 3.4.1. 2008 financial crisis data foreshadows greater risk aversion in the HNW space
    • 3.4.2. Younger consumers and those in lower affluent bands are more willing to take risks to capitalize on a market rebound, but a certain amount of hand-holding is paramount
    • 3.4.3. Being more receptive to financial engagement campaigns amid market turbulence suggests now is the time to foster loyalty with the desirable millennial segment
    • 3.4.4. A focus on funds will prove beneficial as investors are looking to diversify their portfolios

4. STREAMLINEDSPENDING

5. CONSUMERSWITCHING BEHAVIORS

6. DIGITAL CHANNEL SHIFTS

7. THE RISE OF NEW PRODUCTS

8. ACTION POINTS

9. APPENDIX

List of Tables

  • Table 1: Monthly Australian household deposit growth, selected banks, December 2019 to April 2020
  • Table 2: Mobile wallet usage, penetration, and interest in adoption, 2020

List of Figures

  • Figure 1: Consumer confidence takes many quarters to recover after the initial plunge
  • Figure 2: Improving views on the virus doesnot mean concern goes away
  • Figure 3: Anxiety around the economy dominates consumer thinking and results in low consumer sentiment
  • Figure 4: Consumers value budgeting and money management functionality but it is rarely top of mind
  • Figure 5: Change - particularly negative change - drives consumer engagement with their finances
  • Figure 6: Expectation of change drives consumerengagement with their finances, as seen during the global financial crisis
  • Figure 7: Investment product holding rises in line with level of affluence across the world
  • Figure 8: The global financial crisis had a significant impact on customer loyalty and risk appetite
  • Figure 9: Barclays' structured product offering appeals to risk-averse investors
  • Figure 10: Quirin Privatbank addresses investor uncertainty through its webinar and podcast series
  • Figure 11: Younger investors are notably more open to new investment ideas
  • Figure 12: Millennials have been eager to capitalize on a market rebound
  • Figure 13: Younger consumers are more likely to pay increased attention to financial literature in challenging investment times
  • Figure 14: A need for diversification is driving demand for fund products
  • Figure 15: Growth in the value ofcard spending will be slow for much of the 2020-21 period
  • Figure 16: Cash will be squeezed in all economies, accelerating a trend already in play
  • Figure 17: Consumer credit does decline in times of crisis and recession, but the trend is erratic
  • Figure 18: In the first quarter of 2020, Australian consumers had started cutting back on major purchases in anticipation of a formal recession
  • Figure 19: Current account switching has declined significantly in the UK due to COVID-19
  • Figure 20: After an initial spike, refinance collapsedalong with broader consumer confidence
  • Figure 21: Consumers have typically valued convenience and transparency in their banking partners
  • Figure 22: Neobanks were making headway in deposits but lag when it comes to credit
  • Figure 23: Banks have much more competition as financial advisors and wealth managers
  • Figure 24: Investor retention requires clear and effective communications
  • Figure 25: Repairing trust will be critical in the financial advice industry as the global financial crisis showed
  • Figure 26: E-commerce has received a big boost in consumer awareness and use
  • Figure 27: A drop in cash usage will reduce the deployment of ATMs and increase POS terminal adoption
  • Figure 28: Only the Middle East and Africa will see enduring growth in ATMs
  • Figure 29: General banking activity has trended digital,with mobile banking on the rise
  • Figure 30: Digital channels dominate key relationship-building activities with customers
  • Figure 31: COVID-19 has had a significant impact on channel preferences
  • Figure 32: Some markets are yet to transition from payment cards to mobile wallets
  • Figure 33: Some markets are yet to adopt contactless while others have leapfrogged to mobile
  • Figure 34: Younger consumers are more likely to offshore parts of their wealth