WIN CRISIS INDEX 2 nd Wave of the Worldwide Barometer of the Financial Crisis April 2009.

WIN CRISIS INDEX

2nd Wave of the Worldwide Barometer of the Financial Crisis

April 2009

Top Five Things to Remember:

1. The global perception on the economic situation has plateaued.

2. Even though optimism has increased in 10 of the 25 surveyed countries, economic prospects still remain negative in 20 of the 25 surveyed countries.

3. Economic perspectives in the BRIC and Arab countries remain more positive than in the G8 countries

4. Level of trust in the governments’ ability to manage the financial situation, and in the stability and solidity of the banks and stock market has decreased.

5. The clothing/footwear/accessories, entertainment/restaurant/cinema, major household purchases, holiday/travel and grocery expenses are the sectors mostly affected by the economic crisis.

WIN – a group bringing together the largest independent polling firms in the world – has conducted the most extensive survey on the

economic crisis with 20,325 representative citizens in 25 countries.

3

Context and Methodology•WIN conducted the second wave of the WIN Crisis Index interviewing 20,325 respondents in 25 countries from mid

February to the end of March. The objective of the survey is to evaluate the respondents’ perception of the financial crisis in their countries. The WIN Crisis Index is conducted every 3 months. The countries of the G8: Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States, included in the 25 countries surveyed, are also included in each table. The same has been done for the countries known as BRIC: Brazil, Russia, India and China.

•The table below presents a summary of the methodology used in each country to conduct this survey:

•Each sample is representative of its country’s population in terms of socio-demographic variables. Sample sizes ensure accurate generalizations to the total population and allow a very precise interpretation of the results. Contrary to what can be expected, age and gender do not seem to have an impact on the respondent’s perception of the financial crisis.

Country Firm Method # Respondents Dates Margin of ErrorArgentina IBOP E Inteligencia Argentina CATI omnibus 500 Mar. 13 - 20, 2009 ±4.38%Australia Colmar Brunton Online 1008 Mar. 17 - 22, 2009 ±3.09%Austria Gallup Austria CATI omnibus 503 Mar. 4 - 17, 2009 ±4.38%Brazil IBOP E Inteligencia Face to Face 2002 Mar. 11 - 15, 2009 ±2.19%Canada Leger Marketing Online 1711 Mar 4 - 8, 2009 ±2.37%China CRC - Cass Research Center CAWI 542 Mar. 20, 2009 ±4.21%France BVA Internet 1258 Feb. 24 - 26, 2009 ±2.76%Germany Leyhausen CAWI 1015 Feb. 26 - Mar. 23, 2009 ±3.08%Iceland Capacent Internet P anel 833 Feb. 25 - Mar. 4, 2009 ±3.44%India MaRS Face to Face 1057 Mar. 14 - Mar. 18, 2009 ±3.01%Italy Doxa CATI omnibus 977 Fe. 26 - Mar. 1, 2009 ±3.14%J apan NRC - Nippon Research Center Online P anel 1081 Mar. 10-12, 2009 ±2.98%Korea Gallup Korea Telephone Interview 814 Feb. 20, 2009 ±3.43%Kuwait P ARC Face to Face 373 Mar. 15 - 24, 2009 ±5.07%Lebanon P ARC Face to Face 350 Mar. 15 - 24, 2009 ±5.24%Mexico IBOP E Inteligencia Mexico CATI 500 Feb. 20 - Mar. 2, 2009 ±4.38%Netherlands Marketresponse CATI omnibus 501 Mar 2 - 7, 2009 ±4.38%Qatar P ARC Face to Face 278 Mar. 15 - 24, 2009 ±5.88%Russia Romir Omnibus 1126 Mar 4 -10, 2009 ±2,92%Saudi Arabia P ARC Face to Face 469 Mar. 15 - 24, 2009 ±4.53%Spain Instituto DYM CATI omnibus 689 Mar. 2 - 12, 2009 ±3.73%Switzerland ISOP UBLIC Face to Face Omnibus 500 Feb. 25 - Mar. 4, 2009 ±4.38%UAE P ARC Face to Face 199 Mar. 15 - 24, 2009 ±6.95%UK ICM Research Online 1039 Feb. 20 - 22, 2009 ±3.04%USA TRiG Online 1000 Feb. 24 - Mar. 4, 2009 ±3.10%

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Financial ForecastsIn the next 3 months, do you believe the economic situation in your country will be better, remain the same, or be worse?

Be better %Remain the

same %

Be worse %DKN / DNA

%

Qatar 45 29 17 9Kuwait 39 41 11 9Brazil 35 46 14 5Saudi Arabia 29 46 12 13UAE 28 35 19 20Lebanon 26 32 38 4India 25 31 33 11China 23 45 29 3Korea 18 33 44 5Russia 14 33 41 12USA 14 32 46 8Italy 12 35 50 3Iceland 11 30 56 3Mexico 10 40 47 3Netherlands 10 46 42 2Australia 9 35 52 4Argentina 8 36 53 3Germany 8 25 61 6Canada 6 34 52 8Austria 5 36 56 3France 5 26 63 6Japan 5 30 60 5Spain 5 30 61 4Switzerland 4 36 57 3UK 4 23 67 6Total 16 35 43 6BRIC 24 39 29 8G8 8 30 55 7

•As expected, the overall financial outlook is negative with only 16% of respondents who believe the economic situation in their country will be better in the next 3 months.

•Qatar, Kuwait, Brazil, Saudi Arabia and the United Arab Emirates are the only countries where a higher percentage of respondents felt the economic situation would improve rather than worsen.

•Pessimism is highest in the United Kingdom (67%), France (63%), Spain (61%) and Germany (61%).

•While citizens in the countries forming BRIC are divided in their opinions, citizens of the G8 countries have a negative outlook with 55% who believe the financial situation will worsen and only 8% who believe it will improve.

Difference Be worse % Be worse %

India 19 14 33Spain 10 51 61Switzerland 6 51 57Austria 4 52 56China 3 26 29Russia 3 38 41USA 0 46 46Netherlands -1 43 42France -3 66 63Italy -4 54 50Brazil -5 19 14Germany -7 68 61Canada -9 61 52Japan -10 70 60Iceland -11 67 56UK -11 78 67Korea -26 70 44* Argentina NA NA 53* Australia NA NA 52* Mexico NA NA 47* Lebanon NA NA 38* UAE NA NA 19* Qatar NA NA 17* Saudi Arabia NA NA 12* Kuwait NA NA 11Total 1 48 49BRIC 5 24 29G8 -10 60 50

55

Financial Forecasts Three Months ago and TodayIn the next 3 months, do you believe the economic situation in your country will be better, remain the same, or be worse?

•Overall, in the past three months the overall outlook on the economic situation throughout the surveyed countries has remained the same.

•India and Spain are the countries where the number of citizens with a negative outlook on the economic situation has increased the most. In fact, in India,, a third (33%) of the respondents now feel the situation will worsen compared to 14% last January.

•It is important to note that countries showing the largest decrease of respondents with a negative view, such as Korea, the United Kingdom, Iceland, Japan, and Canada, are not more optimistic but rather more likely to believe it will remain the same.

•Interestingly, even if the BRIC countries, are noticeably more positive than the overall population, their confidence has decreased compared to three months ago, with 5% more respondents feeling the economic situation will now worsen.

January 09’ March 09’

* Argentina, Australia, Kuwait, Lebanon, Mexico, Qatar, Saudi Arabia and UAE did not participate in the First wave and are not included from the March average.

66

Income ExpectationsOver the next 12 months, do you expect your family income to increase, remain the same, or decrease?

•Close to half (45%) of the total respondents believe their income will remain the same, 25% believe it will increase, while only 24% believe their income will decrease, which can be viewed as optimistic in a time of financial crisis.

•Surprisingly, while the financial crisis started in the USA, 35% of its respondents believe their income will increase and only 20% believe it will decrease.

•Pessimism is highest in Iceland, Japan and Russia, whereby 55%, 49% and 43% respectively believed their income will decrease over the next year.

•While countries in the BRIC have a rather optimistic outlook, with 34% of respondents feeling their income will increase over the next year, the respondents in the G8 countries are rather pessimistic about their income expectations for the next year with only 20% of citizens feeling it will increase.

Increase %Remain the

Same %

Decrease %DKN / DNA

%

Brazil 61 32 5 2Qatar 44 34 10 12USA 35 39 20 6Saudi Arabia 34 45 11 10India 33 43 16 8China 30 35 35 0Kuwait 30 54 5 11Mexico 28 43 25 4UAE 27 36 21 16Germany 26 41 24 9Lebanon 26 41 29 4Canada 25 48 20 7UK 25 49 19 7Australia 22 54 18 6Netherlands 21 54 23 2Argentina 21 43 34 2Korea 21 48 28 3Austria 18 62 17 3Spain 18 56 19 7Switzerland 16 56 23 5France 15 44 33 8Russia 14 27 43 16Italy 10 66 21 3Japan 10 35 49 6Iceland 7 35 55 3Total 25 45 24 6BRIC 34 34 25 7G8 20 44 29 7

77

Income Expectations Three Months ago and Today Over the next 12 months, do you expect your family income to increase, remain the same, or decrease?

•Overall, compared to three months ago, more of the respondents believe their income will decrease over the next year.

•China (15%) and Russia (15%) are the countries where pessimism on family income has the largest increase.

•On the other hand, in Korea (-25%) and the United Kingdom (-6%), less citizens believe their income will decrease than three months ago.

•It is interesting to note that although only 25% of the citizens in the BRIC countries feel their income will decrease as of now, it is still 9% more than three months ago.

Difference Decrease % Decrease %

China 15 20 35Russia 15 28 43Austria 6 11 17Germany 6 18 24Iceland 5 50 55Canada 4 16 20India 4 12 16Japan 4 45 49Switzerland 4 19 23USA 2 18 20Netherlands 1 22 23Brazil 1 4 5France 1 32 33Italy -1 22 21Spain -4 23 19UK -6 25 19Korea -25 53 28* Argentina NA NA 34* Lebanon NA NA 29* Mexico NA NA 25* UAE NA NA 21* Australia NA NA 18* Saudi Arabia NA NA 11* Qatar NA NA 10* Kuwait NA NA 5Total 2 25 27BRIC 9 16 25G8 4 25 29


* Argentina, Australia, Kuwait, Lebanon, Mexico, Qatar, Saudi Arabia UAE did not participate in the First wave and are not included from the March average.

88

The Real Estate Market In general, do you believe it is a good or bad time to buy a house?

•Overall, 41% of respondents from the surveyed countries do not believe it is a good time to buy a house.

•Pessimism is highest for the respondents in Argentina(77%), the Netherlands (65%), Italy (63%), Mexico (63%), Lebanon (62%) and Brazil (60%).

•Australia is the only country where more than half (54%) believe it is a good time to buy a house.

•Citizens in the G8 countries are fairly divided with only 31% of respondents who believe it is not a good time to buy a house, but 27% who believe it is.

Good time %

Not sure %

Bad time %

DKN / DNA %

Australia 54 29 13 4Switzerland 49 16 23 12Austria 42 12 38 8Canada 42 32 19 7USA 41 29 22 8Kuwait 40 23 23 14UK 35 39 20 6Spain 33 7 56 4Korea 26 35 30 9Germany 25 33 27 15France 23 38 27 12India 23 18 44 15China 21 46 33 0Italy 21 11 63 5Netherlands 20 6 65 9Qatar 19 32 43 6Lebanon 19 17 62 2UAE 18 25 47 10Mexico 16 19 63 3Brazil 15 18 60 7Iceland 15 28 52 5Japan 15 31 45 9Argentina 13 8 77 2Russia 12 32 46 10Saudi Arabia 11 33 44 12Total 26 25 41 7BRIC 18 28 46 8G8 27 33 31 8

Difference Bad time % Bad time %

India 18 26 44Brazil 5 55 60Netherlands 2 63 65Russia -1 47 46Austria -2 40 38Italy -2 65 63Switzerland -2 25 23China -3 36 33Germany -3 30 27Japan -4 49 45Spain -5 61 56USA -5 27 22Canada -7 26 19Korea -9 39 30France -10 37 27Iceland -14 66 52UK -19 39 20* Argentina NA NA 77* Lebanon NA NA 62* Mexico NA NA 62* UAE NA NA 47* Saudi Arabia NA NA 44* Qatar NA NA 43* Kuwait NA NA 23* Australia NA NA 13Total -4 43 39BRIC 5 41 46G8 -6 40 34

99

The Real Estate Market Three Months ago and Today In general, do you believe it is a good or bad time to buy a house?

•Surprisingly, compared to the change in the financial outlook and income expectations of citizens between now and three months ago, overall, more respondents now feel it is a good time to buy a house with a 2% increase (25% to 27%) and fewer who believe it is a bad time to do so (-4%).

•India and Brazil are the only countries where there is a significant difference in the number of respondents who feel it is a bad time to buy a house compared to three months ago with an increase of 18% and 5% respectively.

•On the other hand, countries that are pessimistic throughout the survey such as the United Kingdom, Iceland, France, Korea and Canada show an important percentage decrease of respondents who feel it is a bad time to buy a house with a drop of 19%, 14%, 10%, 9%, and 7% respectively.

•Interestingly, while more citizens in the BRIC countries feel it is not a good time to buy a house now compared to three months ago, less respondents in the G8 (-6%)feel this way.



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•On average, respondents expressed a lower level of trust (4.8) in their government’s ability to manage the financial crisis than they did three months ago (5.2).

•Austria, Iceland and Germany, are the only countries not showing a lower level of trust in their government to manage the financial situation compared to three months ago.

•Respondents from China (6.7), Brazil (6.4), the Netherlands (6.2) and India (5.5), 3 of the 4 BRIC countries, expressed higher levels of trust in their government to manage the financial situation.

•Conversely, of the 25 surveyed countries, Japan (2.9) remains the country expressing the lowest level of trust in its government’s ability to manage the financial situation.

•It is interesting to note that respondents from the USA expressed a much higher level of trust in their government to manage the financial situation three months ago (6.3) prior to the presidential inauguration, than they do now (4.8).

Trusting the GovernmentWhat is your level of trust in the government to manage the financial situation?


January 09’ March 09’Level of Trust

1-10Level of Trust

1-10China 7 6.7Brazil 6.7 6.4Netherlands 6.3 6.2India 6.6 5.5Switzerland 5.9 5.4USA 6.3 4.8Russia 4.9 4.7Austria 4.6 4.7Italy 4.7 4.6Iceland 4.4 4.6Germany 4 4.6Canada 4.8 4.5Spain 4.7 4France 4.6 4Korea 5.4 3.9UK 4.5 3.4Japan 3 2.9* Qatar NA 8* Saudi Arabia NA 8* Kuwait NA 7.5* UAE NA 7.4* Australia NA 5.5* Mexico NA 5.3* Argentina NA 3.9* Lebanon NA 3.7Total 5.2 4.8BRIC 6.3 5.8G8 4.6 4.2

11

•On average, respondents’ level of trust in the stability and solidity of the banks has decreased (5.1) compared to three months ago (5.3).

•With the exception of India, China, the Netherlands, Iceland and Germany, respondents from all the surveyed countries expressed lower levels of trust in the stability of their banks compared to three months ago.

•Similarly to three months ago, respondents from India (6.6), China (6.6), the Netherlands (6.4) and Canada (6.1) expressed a high level of trust in the stability / solidity of their banks, while respondents from Russia (4.4), Germany (4.3) and the United Kingdom (3.3) voiced low levels of trust.

•Interestingly, in comparison to other BRIC countries, respondents from Russia remain those who have a much lower average score (4.4) (BRIC averaging 5.9 together).

Stability of the BanksWhat is your level of trust in the stability / solidity of the banks?



Level of Trust 1-10

Level of Trust 1-10

India 5.4 6.6China 6.6 6.6Netherlands 6.4 6.4Canada 6.3 6.1Brazil 6.1 5.9Korea 5.3 5.2Italy 5.1 4.9Switzerland 5.1 4.8Spain 5.4 4.7France 5.1 4.7Austria 4.9 4.7Iceland 4.6 4.7USA 5.4 4.5Japan 4.6 4.5Russia 4.4 4.4Germany 4 4.3UK 4.2 3.3* Saudi Arabia NA 7* Lebanon NA 6.8* Kuwait NA 6.5* Qatar NA 6.3* Australia NA 5.8* Mexico NA 5.1* UAE NA 5* Argentina NA 4.5Total 5.3 5.1BRIC 6 5.9G8 4.9 4.6

12

•Overall, similarly to the level of trust in their government’s ability to manage the financial situation and the stability of the banks, respondents’ level of trust in the stability / solidity of the stock market decreased with a low score of 3.7.

•The respondents from only four countries: Austria, Germany, Italy and China expressed higher levels of trust in the stability / solidity of the stock market then they did three months ago.

•On the other hand, the respondents in the United Kingdom expressed a much lower level of trust in the stability / solidity of the stock market with a low score of 2.7.

Stability of the Stock MarketWhat is your level of trust in the stability / solidity of the stock market?



Level of Trust 1-10

Level of Trust 1-10

Brazil 5.7 5.5Netherlands 4.7 4.7India 5.5 4.2China 3.8 4.1Italy 3.9 4Russia 4.1 3.9USA 4.3 3.7Korea 3.9 3.6Spain 4.1 3.5Germany 3.4 3.5Switzerland 4.1 3.4Canada 3.5 3.4France 3.5 3.4Iceland 3.5 3.4Japan 3.5 3.4Austria 3 3.1UK 3.2 2.7* Saudi Arabia NA 5.8* Mexico NA 5* Kuwait NA 4.8* Qatar NA 4.8* Argentina NA 4.1* Lebanon NA 4.1* Australia NA 4* UAE NA 3.4Total 4 3.7BRIC 4.8 4.4G8 3.7 3.5

13

Total Cut BacksSince the beginning of the Economic Crisis, have you cut back expenses on:

•As expected, respondents throughout the 25 surveyed countries have made significant cutbacks in each of the ten categories surveyed.

•The industry that seems to be the least affected by the financial situation is the IT and Telecom sector as can be seen from the relatively lower percentages, though still significant, in the mobile phone, home internet connection and television provider expense categories.

•On the other hand, cutbacks were extremely high in all other categories with the greatest impact on clothing / footwear / accessories expenses.

•It is interesting to note that while Americans remain rather optimistic in their outlook on the financial crisis,

they have considerably cut back in each expense categories.

•The pessimism observed throughout this study is largely reflected in the major cutbacks made in all categories for all 25 countries surveyed.

Clothing / footw ear / accessories %

Entertainment, e.g. restaurants, cinema %

Buying major household purchases %

Holidays / Travel %

Groceries % Home improvement / repairs %

Transport / commute %

(family’s) mobile phone(s) %

digital / satellite / cable television %

home internet connection %

Argentina 72 66 63 60 72 56 41 49 24 23

Australia 58 56 50 46 50 39 30 31 10 11

Austria 37 37 30 31 40 26 35 27 10 13

Brazil 45 38 45 37 31 38 27 37 10 12

Canada 47 54 42 42 33 32 29 19 13 8

China 43 46 45 51 34 37 29 23 13 18

France 63 61 55 50 51 50 47 34 24 14

Germany 45 46 39 40 40 34 27 29 9 13

Iceland 71 63 72 72 65 43 45 32 21 8

India 45 53 49 50 32 42 35 33 18 15

Italy 70 60 50 54 52 38 20 47 21 20

Japan 70 58 58 57 58 43 52 35 13 13

Kuwait 26 41 50 49 16 38 15 12 13 9

Lebanon 37 36 37 31 29 29 25 36 9 11

Mexico 73 62 62 60 74 57 50 57 31 26

Qatar 27 23 32 30 13 29 12 16 10 7

Russia 61 43 47 36 40 49 34 38 9 15

Saudi Arabia 41 31 43 45 22 42 16 36 15 21

Spain 59 48 31 37 46 35 16 40 8 11

Switzerland 30 27 32 22 23 15 16 16 3 4

UAE 42 39 53 44 24 26 29 23 10 19

UK 57 50 48 43 55 42 33 30 13 11

USA 70 69 60 42 61 52 52 26 22 13

Total 52 48 48 45 42 39 31 31 14 14

BRIC 48 45 47 44 34 41 37 33 13 15G8 60 55 50 48 49 42 31 32 16 13

* Korea and the Netherlands did not participate in the question on expense cutbacks and are not included from the March average.

14

•Based on the ten categories offered in the survey, on average, 53% citizens in Argentina cut back on their expenses.

•Furthermore, compared to the averages for all respondents surveyed in each category, Argentina had higher averages of respondents who cut back and lower averages who did not.

•Argentineans cut back the most on clothing / footwear / accessories and groceries (72% for both categories).

•Argentineans cut back the least in categories of home internet connection (23%) and television (24%). However, both these percentages remain high compared to the other countries in this survey.

Cutbacks in ArgentinaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:

CategoryYes, I have cut back %

No, I have not cut back %

Does not apply %

DKN / DNA %

Cost of running your (your family’s) mobile phone(s)

49 40 11 0

Cost of your home internet connection

23 43 32 2

Cost of your digital/satellite/cable television

24 56 20 0

Groceries, e.g. buying cheaper alternatives

72 28 0 0

Transport or commute

41 56 3 0

Clothing / footwear / accessories / expenditure

72 26 1 1

Home improvement / repairs

56 31 12 1

Buying major household purchases (e.g. furniture, electrical, home appliances, etc.)

63 26 11 0

Holidays / Travel 60 27 13 0

Entertainment, e.g. restaurants, cinema

66 24 10 0

Total 53 36 11 0

15

•Overall, more than 50% of Australians made cutbacks in four of the ten categories.

•Australians cut back least on their television provider and home internet connection expenses, with only 10% and 11% of respondents who did respectively.

•On the other hand, Australians reduced their expenses the most in the category of clothing / footwear / accessories (58%).

Cutbacks in AustraliaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


31 61 6 2


11 84 4 1


10 35 54 2


50 47 1 2


30 57 11 2


58 39 2 1


39 34 25 2


50 30 17 3



56 35 8 1

Total 38 46 14 2

16

•On average, Austrians made fewer cutbacks compared to all surveyed respondents combined.

•In fact, average cutbacks are low in each category compared to the results for other countries.

•Unlike other surveyed countries, Austrians made the most cutbacks on grocery expenses (40%).

•Respondents in Austria also made cutbacks on clothing / footwear / accessories (37%) and entertainment expenses (37%).

Cutbacks in AustriaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


27 61 12 0


13 61 24 2


10 78 11 1


40 56 3 1


35 57 8 0


37 57 6 0


26 62 11 1


30 56 14 0



37 54 9 0

Total 29 60 11 0

17

Cutbacks in BrazilSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:

•Reflecting their optimism throughout the survey, Brazilians made fewer cutbacks in the expense categories offered in the survey.

•Brazilians mostly cut back in two categories: clothing / footwear / accessories (45%) and major home purchases with (45%).

•It is important to note that these ten expense categories do not apply to a high percentage of respondents in Brazil. Furthermore, this is true for the two areas where citizens cut back the least: television expenses (10%) and home internet connection expenses (12%).



Does not apply %

DKN / DNA %


37 47 15 1


12 29 57 2


10 26 63 1


31 66 2 1


27 61 11 1


45 51 3 1


38 41 20 1


45 42 11 2



38 41 20 1

Total 32 44 23 1

18

•On average 32% of Canadian respondents made cutbacks in the 10 expense categories offered in the survey.

•However, the average percentage of Canadians who have cut back on their expenses was lower compared to other countries except one category.

•54% of Canadians cut back the most on entertainment expenses.

•Other areas where Canadians have made the most spending reductions are clothing / footwear / accessories (47%), holiday / travel (42%) and buying major household appliances (42%).

•On the other hand, only 8% of Canadians cut back on their home internet connection. Also, only 13% of Canadians cut back on television expenses.

Cutbacks in CanadaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


19 62 18 1


8 86 4 2


13 75 9 3


33 63 1 3


29 60 9 2


47 47 4 2


32 36 29 3


42 31 25 2



54 40 4 2

Total 32 54 12 2

19

Cutbacks in ChinaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:

•Overall, the Chinese made fewer cutbacks than the respondents in other surveyed countries

•51% of respondents made most of their cutbacks in the holiday / travel category.

•The Chinese reduced their spending the least in the categories of television provider (13%) and home internet connection (18%).

•It is interesting to note that most countries tended not to cut back on their home internet connection, however in China, similarly to India, respondents claimed they cut back the least on their television expenses (13%).



Does not apply %

DKN / DNA %


23 74 4 0


18 71 11 0


13 82 6 0


34 62 4 0


29 67 4 0


43 51 7 0


37 38 26 0


45 36 18 1



46 41 14 0

Total 34 55 11 0

20

•Over half of the citizens of France cut back in 6 of the 10 categories .

•Furthermore, France had higher averages of respondents who cut back compared to all countries surveyed.

•The French cut back the most on clothing / footwear / accessories ( 63%) and entertainment expenses (61%).

•On the other hand, only 14% of respondents cut back on their home internet connection expenses.

Cutbacks in FranceSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


34 55 9 2


14 73 9 4


24 40 31 5


51 43 3 3


47 41 9 3


63 30 5 2


50 27 18 5


55 24 18 3



61 28 8 3

Total 45 39 13 3

21

•Based on the 10 categories in our survey, fewer Germans cut back their expenses compared to the other countries in this survey.

•The two categories where expenses were reduced the most were for entertainment (46%) and clothing / footwear / accessories (45%).

•Similarly to other countries, only 13% of German respondents cut back on their home internet connection.

Cutbacks in GermanySince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


29 58 11 2


13 74 12 1


9 62 27 2


40 50 8 2


27 54 16 3


45 44 9 2


34 40 23 3


39 39 20 2



46 41 12 1

Total 32 50 16 2

22

•On average, more citizens of Iceland cut back (49%) than did not (41%) in the ten expense categories offered in this survey.

•In seven of the 10 categories, respondents in Iceland made more cutbacks on their expenses than the average of all respondents surveyed in the 25 countries.

•Expenses were reduced the most for holiday / travel (72%), buying major home appliances (72%), and clothing / footwear / accessories and for groceries (71%).

•Respondents in Iceland made the least cutbacks on their home internet connection (8%).

Cutbacks in IcelandSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


32 60 6 2


8 82 8 2


21 62 15 2


65 33 1 1


45 48 5 2


71 23 4 2


43 36 19 2


72 17 9 2



63 30 6 1

Total 49 41 8 2

23

Cutbacks in IndiaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:

•Overall, based on the expense categories offered in this survey, Indians are rather divided on their cutbacks.

•The areas where Indians made the most cutbacks are on entertainment and holiday / travel expenses (53% and 50% respectively).

•On the other hand, only 11% of respondents reduced their home internet connection expenses. However, it should be noted that almost half (44%) of Indians responded that this expense category did not apply to them.



Does not apply %

DKN / DNA %


33 62 2 3


15 32 44 9


18 74 5 3


32 63 2 3


35 43 8 14


45 48 3 4


42 33 16 9


49 31 14 6



53 32 9 6

Total 37 45 12 7

24

•On average, Italians are fairly divided on whether they have cut back or not in the categories offered in this survey.

•The area where Italians reduced their spending the most is for clothing / footwear / accessories (70%).

•It is interesting to note that although home internet connection (20%) is one of the two areas (home improvement / repairs being the other one) where Italians made the fewest cutbacks, the number of Italians who did cut back in this category is significantly higher than in other countries.

•In addition, it must be taken into consideration that many categories do no apply to Italians, especially for expenses related to their television provider (51%).

Cutbacks in ItalySince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


47 47 5 1


20 48 31 1


21 26 51 2


52 47 1 0


20 51 28 1


70 28 2 0


38 48 14 0


50 42 7 1



60 31 9 1

Total 43 40 16 1

25

•In general, the Japanese cut back more on their expenses compared to all surveyed countries.

•The category where the most spending reductions were made is for clothing / footwear / accessories with a high of 70%.

•Similarly to the other surveyed countries, citizens in Japan made the fewest cutbacks on home internet connection expenses with only 13% who did and 82% of respondents who did not.

•On the other hand, only 13% made cutbacks on their television expenses. However, it is important to note that 40% of Japanese citizens responded that this expense did not apply to them.

Cutbacks in JapanSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


35 58 4 3


13 82 3 2


13 45 40 2


58 39 1 2


52 44 3 1


70 26 2 2


43 23 32 2


58 28 11 3



58 35 5 2

Total 46 41 11 2

26

•Based on this survey, fewer cutbacks were made by citizens in Kuwait than in other surveyed countries.

•Only 9% of respondents cut back on their home internet connection expenses.

•Contrary to the trend seen in other countries but similarly to the citizens of Qatar and the United Arab Emirates, Kuwait made the most cutbacks on major household purchases (50%).

Cutbacks in KuwaitSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


12 72 8 8


9 74 11 6


13 65 14 8


16 74 4 6


15 65 10 10


26 62 5 7


38 45 9 8


50 36 6 8



41 46 5 8

Total 27 57 8 8

27

•On average, respondents in Lebanon made fewer cutbacks than the respondents in the other surveyed countries.

•In fact, average cutbacks are relatively low in each category compared to the results for other countries.

•Only 9% of respondents cut back on their home television provider expenses.

•We should note that while a majority of surveyed countries cut back less on home internet connection expenses, this category does not apply to 41% of the respondents in Lebanon.

Cutbacks in LebanonSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


36 54 9 1


11 48 41 0


9 85 5 1


29 68 1 2


25 73 2 0


37 62 1 0


29 59 10 2


37 55 6 2



36 56 8 0

Total 28 60 10 2

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•On average, 55% of respondents in Mexico cut back on their expenses in the ten spending categories offered in this survey.

•Furthermore, average cutbacks in Mexico are high in each category compared to the results for other countries

•The areas where the most expense reductions were made are in clothing / footwear / accessories and for groceries (73% and 74% respectively).

•The two categories where Mexicans made the fewest cutbacks are for home internet connection (26%) and television provider (31%) expenses. However, not only are the percentages high compared to other countries but it is also important to note that an equally high percentage of respondents replied that these expenses did not apply to them.

Cutbacks in MexicoSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


57 33 9 1


26 41 32 1


31 42 27 0


74 25 1 0


50 46 3 1


73 25 1 1


57 37 6 0


62 27 11 0



62 27 11 0

Total 55 33 12 0

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•Of all the surveyed countries, Qatar is the country that cut back the least.

•In fact, fewer than 1/3 of respondents have cut back in any of the ten categories. Furthermore, more than half of respondents did not make cutbacks in any of the expense categories.

•Similarly to Kuwait and the United Arab Emirates, household purchases were most affected by the economic crisis for citizens of Qatar with 32% of respondents who made cutbacks in this category.

Cutbacks in QatarSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


16 80 1 3


7 77 13 3


10 65 19 6


13 67 17 3


12 77 7 4


27 63 6 4


29 59 8 4


32 56 6 6



23 63 8 6

Total 20 67 9 5

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Cutbacks in RussiaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:

•Compared to the other surveyed countries, Russia had the highest percentage of respondents for whom these expense categories did not apply.

•Though Russians cut back the least on television expenses (9%), 53% felt this expense did not apply to them.

•61% of Russians made most of their cutbacks on clothing / footwear / accessories expenses.



Does not apply %

DKN / DNA %


38 44 12 6


15 24 47 14


9 28 53 10


40 43 10 7


34 50 13 3


61 28 7 4


49 25 22 4


47 20 28 5



43 16 35 3

Total 37 29 27 6

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•On average, 31% of citizens in Saudi Arabia cut back their expenses.

•The two expense areas that were most affected by the economic crisis in Saudi Arabia were major household purchases (43%) and holiday / travel (45%).

•On the other hand, only 15% of respondents in Saudi Arabia made cutbacks on television expenses. However, 45% responded that this category does not apply to them.

Cutbacks in Saudi ArabiaSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


36 61 3 0


21 50 26 3


15 36 45 4


22 64 8 6


16 65 13 6


41 53 4 2


42 36 15 7


43 39 11 7



31 63 4 2

Total 31 51 14 4

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•Respondents in Spain were rather divided on whether they cut back their expenses or not based on these categories.

•59% of Spaniards made cutbacks on clothing / footwear / accessories with that did.

•For the citizens of Spain, the category where they reduced their spending the least is on their home internet connection (11%).

•Overall, the percentage of respondents for whom these categories did not apply is high compared to the other countries surveyed.

Cutbacks in SpainSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


40 52 7 1


11 57 30 2


8 31 57 4


46 50 1 3


16 62 21 1


59 39 1 1


35 44 21 6


31 44 24 1



48 37 14 1

Total 33 46 20 1

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•On average, Swiss citizens made fewer cutbacks compared to the other surveyed countries.

•Furthermore, the percentage of respondents who did cut back is lower than the average percentage of the total surveyed for all but one category.

•Furthermore, less than a third of the citizens in Switzerland reduced their expenses in all categories.

•The fewest cutbacks were made on home internet connection and television provider expenses with only 4% and 3% respectively who reduced their spending.

Cutback in SwitzerlandSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


16 79 3 2


4 81 14 1


3 82 12 3


23 71 3 3


16 73 10 1


30 67 2 1


15 61 21 3


32 53 11 4



27 68 4 1

Total 19 70 9 2

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•Overall, respondents in the UAE made fewer cutbacks than respondents in the other surveyed countries.

•As in Kuwait and Qatar, 53% of citizens in the United Arab Emirates cut back on major household purchases the most.

•Other areas where respondents made cutbacks are for holiday / travel (44%) and clothing / footwear / accessories (42%).

•On the other hand, only 10% of respondents cut back on their television provider expenses the least.

Cutbacks in the UAESince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


23 69 6 2


19 59 18 4


10 55 31 4


24 72 2 2


29 62 8 1


42 54 2 2


26 43 23 8


53 29 13 5



39 53 7 1

Total 31 53 12 4

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•On average, 38% of respondents made cut backs in the United Kingdom in the expense categories suggested in this study.

•Apart from the categories in the IT sector (mobile phone, home internet connection and television expenses), more than a third of citizens responded that they had made cutbacks in each category.

•The areas where the most expense reductions were made are in clothing / footwear / accessories (57%) and for groceries (55%).

•Respondents in the United Kingdom cut back less on their home internet connection expenses with only 11% who did and 81% who did not.

Cutbacks in the UKSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


30 56 12 2


11 81 6 2


13 60 25 2


55 42 1 2


33 51 14 2


57 37 4 2


42 37 17 4


48 32 17 3



50 38 10 2

Total 38 47 12 3

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•While Americans remain rather optimistic in their outlook on the financial crisis, they have considerably cut back in these expense categories.

•70% of respondents in the USA have cut back the most on expenses related to their clothing / footwear / accessories, as well as on entertainment (69%).

•More than half of respondents said they have cut back in 6 of the 10 categories.

•On the other hand, home internet connection (13%), television (22%) and mobile phone expenses (26%) are areas where Americans cut back the least.

Cutbacks in the USSince the beginning of the Economic Crisis, have you cut back expenses or have you not cut back expenses in the following categories:



Does not apply %

DKN / DNA %


26 61 12 1


13 80 6 1


22 64 14 0


61 37 2 0


52 41 7 0


70 27 3 0


52 26 21 1


60 22 16 2



69 26 4 1

Total 47 42 10 1

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Weakening Economy

India

Russia

Stronger Economy

Brazil

China

Kuwait

Lebanon

Qatar

Saudi Arabia

UAE

Failing Economy

Argentina

Australia

France

Iceland

Italy

Japan

Mexico

Spain

UK

USA

Declining Economy

Austria

Canada

Germany

Switzerland

Above Average Outlook

Cutbacks above average

Cutbacks below average

Below Average Outlook

• The survey results show that there are four distinct groups of countries according to the perceptions of their population towards economic perspectives and buying behaviors.

• Stronger Economy: Populations of Brazil, China, Kuwait, Lebanon, Qatar, Saudi Arabia and the United Arab Emirates are the ones who are less affected by the economic crisis, they have an above average outlook of the economic future of their country and have not significantly reduced their spending. Citizens from these countries tolerate the current economic crisis.

• Weakening Economy: Populations of India and Russia economic perceptions are above average but have reduced their personal spending in stronger proportion than the world average. Consequently, the economy remains fragile in the short term.

• Declining Economy: Populations of Austria, Canada, Germany, and Switzerland have a below average outlook on their economy but have not yet significantly reduced their personal spending. Negative perspectives should, at least in the short term, motivate them to reduce their spending. They will remain in a negative economic cycle longer.

• Failing Economy: Populations of Argentina, Australia, France, Iceland, Italy, Japan, Mexico, Spain, the United Kingdom and the United States of America are those who suffer the most from the economic crisis. Economic perspectives are below average and they have already drastically reduced their personal spending in comparison with the national average. They will probably take longer to recover.

ConclusionThe impact of the economic crisis on the perceptions and behaviors of populations

* Korea and the Netherlands did not participate in the question on expense cutbacks and are not included from the March average.

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WIN CRISIS INDEX 2 nd Wave of the Worldwide Barometer of the Financial Crisis April 2009.

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Transcript of WIN CRISIS INDEX 2 nd Wave of the Worldwide Barometer of the Financial Crisis April 2009.