Havas Prosumer Report: Money, Money, Money

COMITÉ MÉDICIS
ROME – 25 NOVEMBRE 2016

2016 GLOBAL PROSUMER STUDY
Argentina ● Australia ● Belgium ● Bosnia and Herzegovina ● Brazil ● Cambodia ● Canada ● China ● Colombia ● Croatia ● Czech Republic ● Estonia
France ● Germany ● India ● Ireland ● Italy ● Japan ● Laos ● Latvia ● Lithuania ● Mexico ● Myanmar ● Netherlands ● Philippines ● Portugal ● Russia
Saudi Arabia ● Serbia ● Singapore ● Slovenia ● South Africa ● Spain ● Turkey ● United Arab Emirates ● United Kingdom ● United States
37 markets
n=11,976

WHO ARE PROSUMERS?
For more than a decade, Havas has been tracking the roughly 15‒20% of consumers who are
influencing trends and shaping markets around the globe
Key characteristics:
•  Embrace innovation
•  Constantly seek out information & experiences
•  Enthusiastic adopters of new media & technologies
•  “Human media” who transport attitudes & ideas
•  Marketing savvy and demanding of brand partners
•  Highly influential and sought-after for opinions & recommendations
In this study, 20% of the sample qualify as Prosumers

OBJECTIVE: UNDERSTAND HOW PEOPLE ARE REACTINGTO ECONOMIC SHIFTS
Including:
o  The rise of financial insecurity
o  Changing attitudes toward money and credit
o  Rethinking capitalism
o  Fintech and the future of banking
o  Implications for brands

THE FLAWS OF OUR INTERCONNECTED SYSTEM
GLOBAL
CRISES
NATIONAL
CRISES
PERSONAL
CRISES

7
CONFIDENCE HASTAKEN A HIT AT ALL LEVELS
How worried are you about each of the following?
(% very/somewhat worried)

GLOBAL FEARS…
74% / 66%
PROSUMERS / MAINSTREAM
“I am worried about a global economic recession”
68% / 65%
MILLENNIALS / BOOMERS
68/54 51/40 57/6663/82 71/62 83/84
8Image: Creative Commons/Gabriele Diwald@flickr.com(% very/somewhat worried)

…COMPOUNDED BY NATIONAL FEARS…
63% / 57%
9
60% / 49%
58/36 41/13 60/74 56/49 81/78
“I am worried about my country going bankrupt”
Image: Creative Commons/Ben Tavener@flickr.com(% very/somewhat worried)

…COMPOUNDED BY PERSONAL FEARS
69% / 67%
“I am worried about running out of money as I
grow older”
68% / 58%
74/47 74/33 75/75 61/52 62/57
10Image: Creative Commons/Daniel Grosvenor@flickr.com(% very/somewhat worried)

VS
DEVELOPED MARKETS WORRY IT’S ALL DOWNHILL FROM HERE
14% / 15%
“Children born today will have more financial
security than their parents had”
16/24 21/16 4/3
11
7/11 10/8 7/7
“Children born today will have more financial
security than their parents had”
59/65 65/57 56/58
65/50 60/61 52/40
60% / 55%
Image: unsplash.com: Justin Peterson
Developed markets Emerging markets

INTURN, PESSIMISM/OPTIMISM AFFECTS A COUNTRY’S MOMENTUM
12Prosumer Report, Pride & Prejudice, 2016
Image: Creative Commons/Adam Cohn@flickr.com

WHAT WE WILL COVER INTHIS REPORT
13

IN RECENT YEARS, FRUGALITY HAS BEEN VENERATED
53% / 51%
“I could happily live without most of the items I own”
31/28 55/66 50/6048/40 57/50 63/67
15Prosumer Report, The Sharing Economy, 2014
Image: unsplash.com: Jez Timms

16
TODAY, UNCERTAINTY MAKES US MORE PRAGMATICTHAN IDEALISTIC
“We need to get used to living in a world with less
economic growth than in the previous century”
63%
60%
57%
62%
65%
54/56 62/63 67/6080/77 49/57 70/71
Image: unsplash.com: Jordy Meow

WE HAVETO PREPARE FORTHE WORST…
“I need to get used to living in a world with less money
than I had a few years ago”
17
46/55 60/51 44/4272/65 48/66 68/64
58%
58%
54%
59%
63%
Image: unsplash.com:Tikkho Maciel

…AND WE MUST PREPARE OUR CHILDREN AS WELL
87% / 83%
“Parents should teach their children to be happy with less
money and fewer possessions”
89% / 82%
“At school, children should be taught the ‘cost of
things’ (how much it costs to attend college,
maintain a car, rear a child, etc.)”
90/77 90/86 89/8681/82 92/84 82/72 92/83 90/80 96/9094/82 84/80 81/63
18Image: Creative Commons/Michael@flickr.com

19
RISK PERCEPTION & PROJECTION:
A CULTURAL DIVIDE

RISK-TAKING MARKETS ARE LESS WORRIED ABOUTTHE FUTURE…
20
“I worry about losing money I’ve invested” “I worry about my adult child(ren) requiring my financial
support” (PARENTS ONLY)

…WHILE RISK-AVERSE NATIONS ARE MORE PESSIMISTIC
21
“I worry about losing money I’ve invested” “I worry about my adult child(ren) requiring my financial
support” (PARENTS ONLY)

23
“MONEY CAN’T BUY HAPPINESS,
BUT NEITHER CAN POVERTY”
LEO ROSTEN
(AMERICAN HUMORIST)
Image: unsplash.com:,Tpujohn Das

77% / 71%
“My life would be better if I had more money”
62/66 71/58 81/7577/64 81/76 83/79
24
AS ITTURNS OUT, MONEY CAN BUY HAPPINESS
80% / 73%
“I would be happier if I had more money”
61/70 74/66 90/8379/58 85/77 83/81
77% OF MILLENNIALS GLOBALLY
WOULD BE HAPPIER WITH MORE MONEY
Image: unsplash.com: Seth Doyle

HOWEVER, HAPPINESS DEPENDS ON MONEY NOT BEING OUR SOLE FOCUS
“Money gives meaning to my life”
21/36 34/30 69/5445/30 74/63 42/43
“People obsessed with money are missing out on the true
meaning of life”
71/76 88/72 77/6287/81 79/81 92/87
VS
25
47%
40%
40%
39%
33%
81%
76%
77%
78%
78%
Image: unsplash.com: Juan Galafa

“THE GOOD LIFE” IS ABOUT SIMPLICITY, NOT MINDLESS CONSUMPTION
“I admire people who are rich and live simply” “I admire people who are rich and are not afraid to show it”
VS
75/59 61/46 71/7274/71 81/89 93/86
43/15 31/15 49/1822/14 56/52 34/33
26
84%
73%
77%
74%
70%
34%
29%
31%
30%
22%
Image: unsplash.com: Sarah Dorweiler

WEALTH IS NOT ABOUT HAVING MORE BUT ABOUT GETTING MORE OUT OF LIFE
78% of US millennials would choose to spend
money on a desirable experience or event
over buying something desirable
Eventbrite’s Research of Millennials
48% / 42%
“I would rather spend money on an experience
than on a product”
49/41 55/38 56/4246/44 52/60 46/53
47% / 41%
* Prosumer Report, Sharing Economy, 2014 Image: unsplash.com: Vaida Tamosauskaite

EXCEPTION: IN EMERGING ECONOMIES, MONEY IS A WAYTO DIFFERENTIATE
28
“Money gives meaning to my life”
62/52 85/92 73/71 62/73
“Money is essential to stand out in the crowd”
67/44 90/84 71/5656/60 81/73 64/80
PROSUMERS / MAINSTREAM PROSUMERS / MAINSTREAM
69/54 74/63
Image: unsplash.com: Hisu Lee

WE ARE BURDENED BY DEBT (YOUNGER PEOPLE ESPECIALLY)
30
GLOBAL DEBT = 3XTHE SIZE OFTHE
GLOBAL ECONOMY
↑ $60BN SINCE 2007,TO REACH ATOTAL
OF $200TR
McKinsey Global Institute
75/39 62/29 85/8062/53 80/71 89/79
“My life would be better if I had less debt”
76%
68%
72%
72%
57%
Image: Creative Commons/16:9Clue@flickr.com

31
HOW MUCH DOES YOUR NEWBORN OWE ?
2012 (US)
2016 (US)
Sources: US Office of Management and Budget, US Census Bureau, and Congressional Budget Office

STUDENT DEBT IN US: $1.2TR
32
DESPERATION LOOMS
“What would you be willing to do to get rid of debt?”
US MILLENNIALS
34% would sell most of the things they own
21% would get Kardashianized*
14% would sell an organ
10% would sell drugs
9% would steal
9% would prostitute themselves
* Turn private life into reality TV show
Image: Creative Commons/Our Lady of Disgrace@flickr.com

WE ADMIRETHE DISCIPLINED
49% / 46%
“I admire people who avoid using credit cards”
VS50%
MILLENNIALS
41%
BABY BOOMERS
59/58 48/47 67/6562/46 38/27 27/27
33Image: unsplash.com:Volkan Olmez

AND WETRYTO RESERVE DEBT FOR ONLYTHE MOST ESSENTIAL INVESTMENTS
34
For which of these would you be willing to take out a loan/incur debt?

35
PERCEPTIONS OF VALUE INTHE SHARING
ECONOMY

36
TODAY, SO MUCH INFORMATION AND ENTERTAINMENT IS LOW-COST OR FREE

37
“We live in a world where fewer and fewer
things are free”
90/78 83/81 77/8383/85 93/94 56/70
“We live in a world where more and more
things are free”
10/22 17/19 23/1717/15 7/7 44/30
YET,WE FEEL ASTHOUGH WE’RE CONSTANTLY REACHING INTO OUR WALLETS
VS
82%
86%
82%
86%
90%
19%
14%
18%
14%
10%
PROSUMERS / MAINSTREAM PROSUMERS / MAINSTREAM
Image: unsplash.com:Vitaly

38
“The sharing economy is helping people become
successful entrepreneurs”
THE P2P ECONOMY HAS MONETIZED US, MAKING US MORE AWARE OF OUR VALUE…
53/42 82/78 82/6953/31 69/54 62/46
67%
51%
55%
52%
44%

39
“The sharing economy is taking advantage of
workers to keep prices low for the rest of us”
…WHILE ALSO MAKING US LEERY OF ATTEMPTSTOTAKE ADVANTAGE OF US
38/40 67/64 50/4761/38 71/50 43/43
53%
45%
46%
48%
41%

40
WE’D RATHER HOST A REFUGEETHAN SHARE OUR PRIVATE DATA FOR FREE…
Which of these would you be willing to do for free?

41
…UNLESS WE GET SOMETHING IN EXCHANGE
“I am happy to share my personal data in exchange for free
access to culture/entertainment and information”
“I am happy to watch advertising in exchange for free access
to culture/entertainment and information”
Image Unsplash.com: Anthony Delanoix

43
OUR ECONOMIC SYSTEMS ARE BEING CALLED INTO QUESTION
55% / 54%
“My country’s current economic model
isn’t working”
67 / 65 48 / 49 19 / 3279 / 69 53 / 60 57 / 60
Image: Creative Commons/Sam viladi@flickr.com

44
A GROWING SENSE OF CAPITALISM RUN AMOK
63% / 55%
“I worry that current conditions will lead to a
violent conflict between the rich and the poor”
44/42 39/29 64/6157/58 67/67 75/66
57% / 53%
59/24 42/22 72/54 51/40
91/73
Image: Creative Commons/Benno Hansen@flickr.com

45
THE MIDDLE CLASS IS STRUGGLINGTO HANG ON
“It frustrates me that I have to spend so much of my time
working just to support myself/my family”
56%
50%
57%
55%
38%

46
A SENSE OF INJUSTICE PREVAILS—EVEN INTRADITIONALLY MERIT-BASED SOCIETIES
51/43 43/35 38/26
“The harder a person works, the more money he
or she will earn”
51% / 40%
31/30 30/2636/42 40/30
Image: unsplash.com: Jesse Orrico

47
HOW DO WE REBOOT OUR
FINANCIAL SYSTEM?

48
1. GOVERNMENT AS JOB CREATOR…
“To fight unemployment, governments should
invest more in science and technology”
64/57 69/58 91/7178/58 92/80 91/82
“To fight unemployment, governments should invest more in
rebuilding/repairing aging infrastructures”
72/69 82/67 74/5874/62 85/79 78/72
PROSUMERS / MAINSTREAMPROSUMERS / MAINSTREAM
83%
71%
70%
74%
74%
77%
69%
63%
70%
76%
Image: Creative Commons/Errin@flickr.com

49
77% / 70%
“Countries that provide free- or low-cost college/university
to their citizens will have an economic edge in the future”
62/66 73/62 88/7488/72 84/80 89/83
…AND EDUCATION SPONSOR
Image: unsplash.com: Baim Hanif

VS
50
2. MORE EQUITABLETAXATION…
“I admire people who use legal means to avoid paying
their fair share of taxes”
“I resent individuals who don’t pay their fair
share of taxes”
31%
31%
38%
32%
23%
83%
80%
76%
81%
86%
Image Unsplash.com: Jon Flobrant

VS
51
…ESPECIALLY FOR COMPANIES
“It’s just good business for companies to avoid paying
their fair share of taxes”
“I resent companies that don’t pay their fair
share of taxes”
28%
29%
32%
29%
23%
83%
80%
76%
81%
86%
Image: unsplash.com: Julian Alexander

52
3.A SPIRIT OF SHARING—INDIVIDUALLY…
75% / 59%
“It makes me feel good to share my money with
people in need”
84/61 73/46 71/4948/33 90/79 87/65
Image: unsplash.com: Madi Robson

…AND/OR GOVERNMENT MANDATED
69% / 63%
“The world’s wealth should be redistributed so no one is
extremely rich and no one is extremely poor”
67/52 87/7779/69 69/70 88/78
THEYOUNG ARE LEADING CHANGE
65% / 59%
61/29 69/44 75/50
70/54
53
83/83
70/30 61/52
Image: unsplash.com: Didier Weemaels

54
LIVETO WORK OR WORKTO LIVE ?

55
PEOPLE ARE RELUCTANTTO REDUCETHEIR WORK HOURS
41%
40%
40%
41%
36%
“To fight unemployment, people should work fewer
hours so more positions are available”
Image: unsplash.com: Breather

56
WORK IS ABOUT FULFILLMENT, PURPOSE & MEANING
“Parents should steer their children toward high-
earning careers”
“Parents should steer their children toward careers
they’ll love, regardless of how much they pay”
VS
19%
18%
17%
18%
13%
82%
83%
83%
82%
87%
Image: unsplash.com: Ben White

57
BUT, PERCEPTIONS OF WORK REMAIN CULTURAL
“If I were to become a billionaire tomorrow, one of the first things I would do is quit my job”
36/49
61/55 61/55
54/38 36/36
LIVETO WORK WORKTO LIVE
65/52 60/62
48/3942/45
VS
41/45
33/45
33/28
Prosumer/Mainstream
44% / 43%

BANKS ARE HERETO STAY
“By the end of this century, banks will have
completely disappeared”
“Banks do not help me reach my financial goals, so
I will not need them in the future”
59
40/10 26/12 25/612/15 27/20 32/24 44/19 25/11 29/2036/25 36/29 37/32
19%
16%
20%
16%
14%
29%
26%
28%
27%
23%
Image: unsplash.com: Tim Evans

60
“My bank costs me too much money” “My bank helps me save money”
VS
FOR NOW,THEIR PROS OUTWEIGHTHEIR CONS
23/22 25/26 37/3674/67 12/19 56/65 77/78 75/74 63/6426/32 89/81 44/35
43% PROSUMERS
46% MAINSTREAM
43% MILLENNIALS
52% GEN XERS
47% BOOMERS
56% PROSUMERS
53% MAINSTREAM
57% MILLENNIALS
48% GEN XERS
53% BOOMERS
Image: Creative Commons/HSBC Canada@flickr.com

61
THE WEST, ESPECIALLY, IS ATTACHEDTOTRADITIONAL BANKING
Image: Creative Commons/Adrian Berg@flickr.com
39%
31%
33%
32%
25%
“Traditional banks are outdated”
45/14 26/14 36/3626/18 50/48 47/41

HOWEVER ,
THERE IS ROOM FOR IMPROVEMENT

OPPORTUNITY FOR BANKSTO EDUCATE AND EMPOWER…
63
71%
59%
64%
61%
50%
“I wish I were smarter about spending and
saving money”
64/37 58/18 75/7453/42 80/72 78/64
“Spending and investing my money makes me
feel smart”
69/34 56/32 65/5854/35 81/79 67/46
74%
57%
66%
59%
46%
Image: Creative Commons/John Mettraux@flickr.com

64
…TO PLAY A LARGER ROLE IN MAJOR LIFE DECISIONS/CHANGES…
“My bank makes my everyday life better” “My bank helps me with life-changing
projects/matters”
52/74 56/85 40/5621/29 68/80 67/84
48/26 44/15 60/4479/71 32/20 33/16
VS
Image: Creative Commons/Tax Credits@flickr.com
57%
59%
57%
60%
66%
42%
39%
43%
40%
34%

65
…ANDTO OFFER MORE COMPREHENSIVE SERVICES
“I would like to have most of my financial life*
bundled within a single organization”
62/31 53/20 37/849/37 68/47 66/62
Image: Creative Commons/Miwok@flickr.com
*e.g., banking, investments, mortgage, life/car/home insurance

AN EAGER AUDIENCE FOR DIGITAL ADVANCES—ESPECIALLY IN EMERGING MARKETS
48% / 77%
NON-BRICS PROSUMERS / BRICS* PROSUMERS
42% / 19%
GLOBAL MILLENNIALS / GLOBAL BOOMERS
VS
“I would like to be able to pay for everything with my
smartphone”
77/56 72/4061/3649/7 29/5 18/6
Image: Creative Commons/Vodafone Medien@flickr.com 66*BRICS: Brazil, Russia, India, China, South Africa

RETHINKINGTHE WALLET
57% / 76%
NON-BRICS PROSUMERS / BRICS PROSUMERS
46% / 34%
VS
“Within the next few years, I expect to be able to make
payments via wearable technologies (e.g., a microchip
embedded in a watch or pin)”
75/61 60/4460/5254/18 37/21 21/10
Image: Creative Commons/NEC Corp. of America@flickr.com 67
58% / 76%
“I would like to be able to pay at cash registers through
biometrics (e.g., facial recognition, fingerprint/eye scan)”
48/21 30/15 63/4428/21 77/62 60/52
41% / 28%
VS

ATHREAT FROMTODAY’STECH LEADERS?
30% / 45%
“Google is the future of banking”
43/7 22/5 34/2011/9 56/49 45/29
28% / 13%
VS
Image: Google 68

69
CAVEAT: DIGITAL-ONLY COMES WITH A DOWNSIDE
“Digital-only banks lack human contact/personal advice”
62/62 54/64 51/3259/76 65/76 56/60
Image: unsplash.com: Matthew Guay

70
THERE’S ALSO BROAD SUPPORT FOR A COMMON CURRENCY
Image: Creative Commons/Jimelovski Platano Macho@flickr.com
“The world would be better if everyone shared
a single currency”
50/22 48/23 47/3437/33 73/70 70/67

71
AND AROUND 1 IN 3 PROSUMERS & MILLENNIALS WOULD LIKETO SEE MORE
LOCAL CURRENCIES
Image: Berkshares
“I would like to buy more things with a community-based
currency (a currency that can only be used at local
businesses)”
45/7 31/7 45/2625/17 55/41 49/30
37%
26%
32%
26%
16%

MOST ARE NOT READYTO GIVE UP ON CASH
“In coming years, Bitcoin and/or other virtual currencies will
completely replace cash”
72
44/8 26/11 28/1213/11 62/43 46/33
Image: Creative Commons/Antana@flickr.com
34%
24%
30%
24%
15%

74
OFFER SERVICESTHAT FIT MODERN LIFESTYLES
UK bank built speciﬁcally for smartphones offers real-time
spending notiﬁcations, free instant cash transfers to other
Monzo users, budgeting help, 24/7 customer service, online
community, and zero fees.
POSB bank in Singapore added a human touch to digital transactions by
introducing a Video Teller Machine that lets customers interact face-to-
face with customer service reps 24/7.

75
HELP PEOPLETAKE CONTROL OFTHEIR FINANCES
Mastercard is testing a chatbot that helps customers monitor their
spending and become more ﬁnancially literate.
In Scandinavia, Bank of Aland’s biodegradable payment cards
track not just what customers spend, but also the eco impact of
their purchases. Monthly reports detail the user’s carbon
footprint, along with offers to offset it.

76
EMPOWER PEOPLE—EVENTHOSE WITH MINIMAL FUNDS
Stash is an investing app targeted to millennials (funding
options include Clean & Green and Defending America). Only
$5 is required to open an account.
WiseBanyan offers a fee-free passive approach to investing that revolves
around life goals such as “rainy day fund” and retirement. Customers can
start investing with as little as $1.

77
FIND YOUR NICHE AND FIGHT YOUR BATTLE
This digital investment platform exclusively for women takes into account women’s risk preferences,
lifetime salary curve, career breaks, and gender wage gaps.

78
LET CUSTOMERS KNOWTHEY ARE SCORING A GREAT DEAL
Jet.com tantalizes shoppers with prices that go down as they add more merchandise to their carts. Prices drop even further when
customers pay with a debit card or opt out of free returns.

Havas Prosumer Report: Money, Money, Money

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