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8 February 2006
Hong Kong
While 70 percent of Internet-users worldwide claim to have a vehicle for which they must buy fuel, an even greater number is concerned about the impact of ever-rising fuel prices. As many as 82 percent of consumers on the world’s five continents claim to be feeling the hit to their wallets in a recent online survey by ACNielsen, the world’s leading market research and information company. The survey, conducted in November 2005, polled over 23,500 respondents – regular Internet users – in 42 markets.
You don’t need to own a car to be affected by fuel prices
“With the global oil price rising year on year by double digits, car owners aren’t the only ones concerned over growing fuel prices,” says Ms Fanny Chan, Managing Director of ACNielsen Hong Kong. “Consumers in general evidently realize that, whether they own a car or not, fuel prices is going to have impact on the economy and their cost of living.”
Among the top ten countries whose consumers were most concerned about high fuel prices, a number of them did not seem to have a high car ownership, for example, in the Philippines, Hungary and Chile.
In Asia Pacific, this general agreement is more obvious where 83 percent acknowledge their dependence on fuel prices, while only 63 percent claim to own a car. The level of concern is most widespread among consumers in China and the Philippines and so is the more well-off markets such as Hong Kong, South Korea and Singapore. (Table 1)
It is doubtless, however, that the impact of escalating fuel prices is being acutely felt in the countries with the highest number of vehicles in private possession. In the US, Canada, Belgium, France, Malaysia and South Africa, high levels of concern over price increases corresponded with vehicle ownership (up to 90%).
The five most anxious nations hail from Asia Pacific
Five of the ten countries whose consumers are most worried over high fuel prices hail from Asia-Pacific. Indonesia, Thailand and the Philippines top the list with 95 percent concerned, while Taiwan and Malaysia come close with 90 percent.
Of all regions, Europe has the lowest number of Internet users who are feeling the affect of fuel prices – 80 percent versus, for example, 89 percent on average in North America, and 83 percent in Asia-Pacific. However, it is really only the Scandinavian countries that seem less concerned. Norway, Denmark, Finland and Sweden rank among the Top 10 least worried over fuel prices worldwide. (Table 2)
Drive less – spend less
Higher fuel prices are changing people’s driving habits worldwide. As the ACNielsen survey reveals, the most obvious response to price hikes is simply driving less (44%) and trying to combine errands trips (40%), which rank as the highest ‘coping mechanisms’ in all regions except Latin America where 63 percent of respondents on average say they have a vehicle, but 85 percent are feeling the impact of price rises, the majority coping with it by cutting down on non-essential living expenses.
In some countries where distances are greater in the cities and public transport is available, people are likely to switch to public transport more often, and it is also a popular option in most Asia Pacific countries including South Korea (53%), Philippines (48%), China (47%),Taiwan and Thailand (43% respectively). (Table 3)
In Hong Kong, consumers whether car drivers or not, are feeling the hit of fuel price rise (51%) and tend to cope with the situation by mostly turning to “Using public transport” (48%), followed by “Using the car less” (30%) and “Cutting down on non-essential items” (27%). “While fuel price may have impacts on the economy and cost of living, it may not be changing the way Hong Kong people live as much as in other countries,” Ms Chan added. “The established infrastructure and the relatively close proximity of everything in the city make it easy for people to get around and even walk.” (Table 4)
An opportunity exists for global car marketers in Turkey, China and South Africa where up to one fifth of consumers are open to consider buying a more fuel efficient vehicle. Meanwhile, 17 percent of people in Taiwan surveyed are looking at trading in their car for a motorcycle or scooter as an alternative. “With the global hike in oil prices year after year, we can expect consumer demand to further develop in this direction”, Ms Chan observed. “Interestingly, 14 percent of the Chinese, 11 percent of Finns and Hungarians and eight percent of Japanese are ready to switch to a bicycle.”
Only three percent of respondents globally would consider to give up using their vehicle altogether, with the highest number of volunteers having already done so in Brazil (13%).
About ACNielsen Online Consumer Confidence Survey
The ACNielsen Online Consumer Confidence Survey, the largest twice-yearly global survey of its kind, is aimed to gauge consumers’ current confidence levels, spending habits/intentions and current major concerns. The most recent wave of the survey took place in November 2005 and polled over 23,500 consumers – regular Internet users – in 42 markets in Europe, North and Latin America, Asia-Pacific region, Africa (Republic of South Africa) and the Middle East (UAE).
About ACNielsen
ACNielsen, a VNU business, is the world’s leading marketing information provider. Offering services in more than 100 markets, the unit provides measurement and analysis of marketplace dynamics and consumer attitudes and behavior. Clients rely on ACNielsen’s market research, proprietary products, analytical tools and professional service to understand competitive performance, to uncover new opportunities and to raise the profitability of their marketing and sales campaigns. To learn more, visit www.acnielsen.com.hk.
Table 1
Table 2
Table 3
Table 4
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