LONDON, April 23 /PRNewswire/ --
- JWT Examines the Recession's Impact on the Youth Market
While overall British consumer confidence has plummeted, young adults believe some good can come from an unstable economy, according to The Recession and Its Impact on the Youth Market, a quantitative research report released today by JWT, one of the largest advertising agencies in the world.
The study found that the top drivers of anxiety among British adults are the state of the economy and the rising cost of living. Among British teens, economic concerns have replaced typical ego-centric worries.
While almost half (46 percent) of 18-29-year-olds say the recession has dealt their generation an unfair hand, they also see an upside. Young Britons are hoping the recession will finally push home prices within their reach, and they see opportunities to be entrepreneurial and start their own business, says Guy Murphy, Worldwide Planning Director, JWT. A good way for brands to build confidence is through hope -- giving young consumers a chance to be proactive and plan practically for the future.
When it comes to belt-tightening, British teens appear willing to trade down or drop many amenities -- but not their Internet connections or mobile phones. Nine out of 10 would be reluctant to give up their Internet, and eight out of 10 would be reluctant to forego their mobile phones and ability to text friends. By comparison, fewer than half say they would be reluctant to give up going out to movies, buying new video games or eating out.
For this generation, mobile phones and the Internet are an integral part of their social lives and a form of entertainment that they are not willing to give up, even when times are tight, says Murphy. To engage and reach young Britons, brands must live in their world, partnering with companies in the mobile and online arenas.
Additional findings include: -- Among British adults, the primary driver of anxiety shifted between August 2008 and February 2009 from a big-picture worry about the state of the economy to a closer-to-home concern about the cost of living. -- Pessimism about the future is prevalent, especially in regard to unemployment, the government budget deficit, the state of the economy and the cost of living. -- Teens are more anxious than their parents believe: 44 percent of British parents say their teens feel anxious, but as many as 57 percent of teens report anxiety.
The survey, fielded February 12-18, 2009, polled 1,004 Britons aged 18-plus, 203 of whom were 18-29, and 64 teenagers (aged 13-19) residing in the homes of the adults surveyed. This is the 16th installment of JWT's six-year-old proprietary AnxietyIndex, launched during the run-up to the Iraq war to track the level and intensity of consumer anxiety and, importantly, the drivers of it.
Full findings from The Recession and Its Impact on the Youth Market can be downloaded for free in the Trends and Research section of www.AnxietyIndex.com.
JWT's AnxietyIndex.com is an interactive site designed as a place to discover and discuss how brands and consumers are responding to the global recession. With daily content updates and major research and trend reports added frequently, AnxietyIndex.com includes contributions from around JWT's network, offering a truly global perspective.
JWT is the world's best-known marketing communications brand. Headquartered in New York, JWT is a true global network with more than 200 offices in over 90 countries employing nearly 10,000 marketing professionals.
JWT consistently ranks among the top agency networks in the world and continues its dominant presence in the industry by staying on the leading edge -- from producing the first-ever TV commercial in 1939 to developing award-winning branded content for brands such as Freixenet, Ford and HSBC.
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Alie Griffiths of CK Publicity, +442077925559, or cell, +44(0)778051411, firstname.lastname@example.org, for JWT