Win Crisis Index Financial Crisis

WIN CRISIS INDEX

3rd Wave of the Worldwide Barometer of the Financial Crisis

August 2009

The third wave of the WIN Crisis Index revealed that the economic crisis did not only affect people economically but also psychologically. The survey conducted by WIN (Worldwide Independent Network of Market Research) a network which brings together the greatest independent firms of Market Research throughout the world, interviewed 21,088 respondents in 22 countries from mid June to the end of July 2009 and evaluated the respondents’ perceptions and behaviors due to the economic crisis.

1. The Economic Crisis had direct health effects on peopleThe survey reveals that 54% of respondents say they have experienced at least one of the following 4 health conditions as a direct result of the current economic situation:

•18% depression•26% unsatisfactory sleep•40% anxiety•40% stress

The current economic situation had the most impact on citizens’ health in Japan, Russia, Lebanon, USA, and Mexico. On the other hand, the Netherlands, Austria, Italy, Spain and Brazil were the least affected.

2. Pessimism decreasesThe survey also reveals that the consumer is slowly regaining confidence in the financial status of his country’s economy and that pessimism has significantly diminished over the last three months.

•45% believe the economic situation will remain the same in the next three months, while 19% believe it will improve and 31% worsen.•Overall, pessimism has decreased by 10 percentage points. •Pessimism has diminished in 20 of the 22 surveyed countries.Trust in the stability / solidity of the stock market is picking up while trust in the government and the solidity / stability of the banks remains the same.

3. A similar proportion of people are making cutbacks as in MarchAn average of 54% of consumers made cutbacks mostly on the clothing / footwear / accessories, entertainment and major household expenses which is approximately the same as in March.

SummaryCitizens are psychologically affected by the crisis

2

4. Brazilians, Canadians and Indians deal best with the Economic CrisisBrazil, Canada and India are the three only countries where the level of optimism is above or equal to the average and cutbacks and psychological effects are below the average. France, Japan, Mexico, Argentina and Iceland are the most affected with indices below the average on all levels.

3

This chart shows which countries are in one, two, all or none ofthe positive three categories: above average economic outlook, cutbacks below average, and psychological effects below average.

•Optimistic, low cutbacks and not psychologically affectedBrazil, Canada and India•Optimistic, low cutbacks but psychologically affected China and Russia•Optimistic, high cutbacks but not psychologically affected Australia•Optimistic but high cutbacks and psychologically affectedSaudi Arabia, Lebanon, Korea, and the USA •Pessimistic, low cut backs and not psychologically affectedAustria, Netherlands, Spain, and Switzerland•Pessimistic, high cutbacks, but not psychologically affectedItaly and the United Kingdom•Pessimistic, low cutbacks and psychologically affected Germany•Pessimistic, high cutbacks, and psychologically affectedFrance, Japan, Mexico, Argentina and Iceland

Saudi ArabiaLebanonKoreaUSA

AustriaNetherlands

SpainSwitzerland

GermanyItalyUnited Kingdom

Australia ChinaRussia

BrazilCanadaIndia

Above or equal to averageeconomic outlook

Cutbacksbelow or equal to average

Health effectsbelow or equalto average

ArgentinaFranceJapanIcelandMexico

Pessimistic in all Categories

4

Context and Methodology• The third wave of the WIN Crisis Index, conducted by the Members of the international WIN (Worldwide Independent Network of Market Research) a network which brings together the greatest independent firms of Market Research throughout the world, interviewed 21,088 respondents in 22 countries from mid June to the end of July 2009. The margin of error per country is between +/- 2 and 5%, 19 out of 20 times. The WIN Crisis Index is conductedevery 3 months. The countries of the G8: Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States, included in the 22 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.

C o untry F irm M etho d # R espo ndents D ates M argin o f Erro rA rgent ina IBOPE Inteligencia Argentina CATI 500 Jul. 10 - 19, 2009 ±4.38%

A ustra lia Colmar Brunton Online 1105 Jun. 18 - 29, 2009 ±2.95%

A ustria Gallup Austria CATI 500 Jun. 22 - Jul. 2, 2009 ±4.38%

B razil IBOPE Inteligencia Face to Face 2002 Jul. 18 - 22, 2009 ±2.19%

C anada Leger M arketing Online 1000 Jul. 7 - 8, 2009 ±3.10%

C hina CRC - Cass Research Center Face to Face 1080 Jul. 1 -15, 2009 ±2.98%

F rance BVA Online 1257 Jul. 1 - 6, 2009 ±2.76%

Germany Leyhausen Online 1000 Jul. 5 - 20, 2009 ±3.10%

Ice land Capacent Internet Panel 774 Jun. 17 - 25, 2009 ±3.52%

India M aRS Face to Face 1054 Jul. 3 - 5, 2009 ±3.02%

Ita ly Doxa CATI 967 Jun. 29 - Jul. 1, 2009 ±3.15%

Japan NRC - Nippon Research Center Online Panel 1028 Jun. 23 - 25, 2009 ±3.06%

Ko rea Gallup Korea Face to Face 1501 Jun. 15 - Jul. 2, 2009 ±2.53%

Lebano n PARC Face to Face 400 Jul. 25 - 31, 2009 ±4.90%

M exico IBOPE Inteligencia M exico CATI 504 Jul. 3 - 17, 2009 ±4.37%

N etherlands M arketresponse CATI omnibus 500 Jul. 13 - 18, 2009 ±4.38%

R ussia Romir CAWI 1000 Jun. 18 - 23, 2009 ±3.10%

Saudi A rabia PARC Face to Face 402 Jul. 25 - 30, 2009 ±4.89%

Spain Instituto DYM Face to Face 1000 Jun. 22 - Jul. 15, 2009 ±3.10%

Switzerland ISOPUBLIC CATI 500 Jul. 2 - 4, 2009 ±4.38%

UK ICM Research Online 2014 Jul. 24 - 26, 2009 ±2.18%USA TRiG Online 1000 Jun. 22 - 26, 2009 ±3.10%

55

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

•Overall, the majority of citizens throughout the surveyed countries feel the economic situation will remain the same over the next three months.

•Furthermore, only 19% of respondents believe the situation will improve.

•Much more than in any other of the surveyed countries, close to three quarters (71%) of Icelandic citizens believe the financial situation in their country will be worse in the next 3 months.

•Pessimism is also highest in Germany (46%), Argentina (41%), Switzerland (40%), and the United Kingdom (40%).

Be better %Remain the

same %

Be worse %DKN / DNA

%

Saudi Arabia 52 34 10 4Lebanon 31 33 31 5Brazil 29 53 15 3China 29 42 27 2India 22 45 16 16Korea 22 46 27 5USA 22 43 30 5Australia 21 52 22 5Russia 21 53 23 3Canada 19 53 20 8Italy 17 49 31 3Netherlands 14 52 31 3Mexico 14 51 32 3Japan 13 53 28 6Austria 12 51 33 4Argentina 11 45 41 3Germany 11 39 46 4Spain 11 47 37 4Switzerland 11 47 40 2UK 11 44 40 5France 8 46 39 7Iceland 4 22 71 3Total 19 45 31 5BRIC 25 48 20 7G8 15 48 32 5

January 09' Be worse %

March 09' Be worse %

July 09' Be worse %

Difference Mar. - Jul.

Iceland 67 56 71 15Brazil 19 14 15 1China 26 29 27 -2Netherlands 43 42 31 -11Germany 68 61 46 -15USA 46 46 30 -16India 14 33 16 -17Switzerland 51 57 40 -17Korea 70 44 27 -17Russia 38 41 23 -18Italy 54 50 31 -19Austria 52 56 33 -23Spain 51 61 37 -24France 66 63 39 -24UK 78 67 40 -27Canada 61 52 20 -32Japan 70 60 28 -32* Australia NA 52 22 -30* Mexico NA 47 32 -15* Argentina NA 53 41 -12* Lebanon NA 38 31 -7* Saudi Arabia NA 12 10 -2Total 48 43 33 -10BRIC 24 29 20 -9G8 60 55 32 -23

66

Financial Forecasts: ComparisonComparison of the “be worse” responses in the past 3 waves of the WIN Crisis Index

* The total for the 22 surveyed countries in the third wave of the WIN Crisis Index is 31% as indicated on page 4. To compare the last three waves, only the 17 countries that participated in all three waves are included in the March and July total above excluding Argentina, Australia, Lebanon, Mexico, Saudi Arabia.

•On average, the financial outlook was most negative in January 2009. In March, opinions were unchanged for the most part. Today however, there are significantly less citizens who have a pessimistic outlook on the financial forecast for the next three months.

•Moreover, fewer respondents believe the situation will be worse today compared to three months ago in 20 of the 22 surveyed countries.

• It is important to note that although there is significantly less citizens with a negative outlook, opinions still remain guarded. The study did not find that citizens believe the situation is better; rather, the study showed an increase in percentage of citizens who felt the economy would stay the same.

•Countries that show the largest drop in pessimism since March include Japan, Canada, Australia the United Kingdom and France with 32%, 32%, 30%, 27% and 24% fewer respondents who believe the situation will be worse, respectively.

77

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

•As seen over the course of the year, citizens remain less negative toward their own financial status compared to their society’s financial status. In fact, while 31% of respondents think the economic situation will worsen, only 23% believe their personal income will decrease over the next 12 months.

•Similarly to the overall financial forecast, most respondents (48%) remain conservative and believe their income will remain the same.

Increase %Remain the

Same %

Decrease %DKN / DNA

%

Saudi Arabia 50 34 11 5Brazil 37 47 13 4China 36 42 20 2Russia 36 33 24 7Mexico 35 40 22 3India 34 37 22 8USA 33 45 16 6Canada 32 46 14 7Lebanon 29 43 20 8Australia 26 54 16 4UK 22 48 23 6Switzerland 22 55 20 2Argentina 21 46 29 3Korea 20 49 27 4France 20 43 33 4Germany 19 55 21 5Netherlands 19 64 14 2Austria 15 68 14 4Spain 14 62 19 5Italy 10 69 18 2Japan 8 37 49 5Iceland 7 31 59 3Total 25 48 23 4BRIC 36 40 20 6G8 23 47 25 5

88

Income Expectations: ComparisonComparison of the “decrease” responses in the past 3 waves of the WIN Crisis Index

January 09' Decrease %

March 09' Decrease %

July 09' Decrease %


Brazil 4 5 13 8India 12 16 22 6Iceland 50 55 59 4UK 25 19 23 4Japan 45 49 49 0France 32 33 33 0Spain 23 19 19 0Korea 53 28 27 -1Austria 11 17 14 -3Germany 18 24 21 -3Switzerland 19 23 20 -3Italy 22 21 18 -3USA 18 20 16 -4Canada 16 20 14 -6Netherlands 22 23 14 -9China 20 35 20 -15Russia 28 43 24 -19* Lebanon NA 29 20 -9* Argentina NA 34 29 -5* Mexico NA 25 22 -3* Australia NA 18 16 -2* Saudi Arabia NA 11 11 0Total 25 24 24 0BRIC 16 25 20 -5G8 25 29 25 -4

•Overall, respondents opinion of their income expectation has remained the same since January 2009.

•However, some changes have occurred since March at the country level. While the citizens in the countries forming the BRIC had been most optimistic in the beginning months of the crisis, India and Brazil are now more pessimistic. In fact, since March, citizens of Brazil express the highest increase in pessimism (8%) and India follows with a 6% increase.

•On the other hand, China and Russia show the highest drop in negative responses with 15% and 19% fewer respondents who believe their income will decrease now compared to March.

• It is interesting to note that Japan has remained negative throughout the three waves of the survey with an average of 48% of Japanese who believe their income will decrease.


99

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

•Overall, 40% of respondents from the surveyed countries do not believe it is a good time to buy a house.

•There are significantly more citizens that believe it is a good time to buy a house in only four countries: Switzerland (58%), Australia (50%), the USA (49%) and the Netherlands (47%).

Good time %

Not sure %

Bad time %

DKN / DNA %

Switzerland 58 9 26 7Australia 50 30 16 4USA 49 30 16 5Netherlands 47 9 36 8Canada 44 32 16 8Austria 40 8 42 10Germany 36 37 27 0Brazil 34 11 52 3UK 33 35 22 10Russia 29 36 31 4France 28 36 27 9China 25 57 16 2Saudi Arabia 25 11 62 2Korea 24 30 30 16Spain 24 7 65 4Mexico 23 12 63 2Italy 22 15 59 4India 21 42 24 13Iceland 15 27 53 5Lebanon 15 4 80 1Japan 14 32 43 11Argentina 11 22 64 3Total 30 24 40 6BRIC 27 36 31 6G8 32 32 30 6

1010

Real Estate Market: ComparisonComparison of the “bad time” responses in the past 3 waves of the WIN Crisis Index

January 09' Bad time %

March 09' Bad time %

July 09' Bad time %


Spain 61 56 65 9Austria 40 38 42 4Switzerland 25 23 26 3UK 39 20 22 2Iceland 66 52 53 1Germany 30 27 27 0Korea 39 30 30 0France 37 27 27 0Japan 49 45 43 -2Canada 26 19 16 -3Italy 65 63 59 -4USA 27 22 16 -6Brazil 55 60 52 -8Russia 47 46 31 -15China 36 33 16 -17India 26 44 24 -20Netherlands 63 65 36 -29* Argentina NA 77 64 -13* Mexico NA 62 63 1* Australia NA 13 16 3* Saudi Arabia NA 44 62 18* Lebanon NA 62 80 18Total 43 41 34 -7BRIC 41 46 31 -15G8 40 34 30 -4

•On average there is 7% fewer respondents that feel it is a bad time to buy a house now than in March 2009.

•Pessimism has significantly declined in most of the surveyed countries.

•Compared to the results in January 2009, both the BRIC and G8 countries’ averages have 10% fewer respondents that believe it is a bad time to buy a house.


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• Overall, respondents’ level of trust in their government’s ability to manage the financial crisis has plateaued.

• At the beginning of the Economic Crisis, the average score given by respondents throughout the surveyed countrieswas 5.2. The score today is consistent with the slightly lower level of trust achieved in March (4.8)

• As seen throughout the past waves of the survey, the BRIC countries, apart from Russia, continue to express higher levels of trust in their government’s ability to manage the financial situation, with China (7.2), India (6.3), and Brazil (6.1), high.

• Conversely, of the 22 surveyed countries, Japan (3.3) continues to hold the lowest score only now they share this distinction with the United Kingdom (3.3).

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

January 09’Level of Trust

1-10

March 09’Level of Trust

1-10

July 09’Level of Trust

1-10China 7 6.7 7.2India 6.6 5.5 6.3Brazil 6.7 6.4 6.1Netherlands 6.3 6.2 5.7Switzerland 5.9 5.4 5.4Russia 4.9 4.7 5.2Austria 4.6 4.7 4.9Italy 4.7 4.6 4.9USA 6.3 4.8 4.7Canada 4.8 4.5 4.6France 4.6 4.0 4.3Korea NA 3.9 4.3Germany 4.0 4.6 4.2Iceland 4.4 4.6 4.0Spain 4.7 4.0 3.8UK 4.5 3.4 3.3Japan 3.0 2.9 3.3* Saudi Arabia NA 8.0 6.4* Australia NA 5.5 5.7* Mexico NA 5.3 5.0* Argentina NA 3.9 4.0* Lebanon NA 3.7 3.5Total 5.2 4.8 4.8BRIC 6.3 5.8 6.2G8 4.6 4.2 4.3

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

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•On average, respondents’ level of trust in the stability and solidity of the banks has remained the same with a score of 5.3 in January, 5.1 in March and 5.2 in July.

•As seen throughout the year, respondents from China (7.1), Canada (6.4), and India (6.3), express high levels of trust in the stability / solidity of their banks, while respondents from Germany (4.0), Spain (3.8), and the United Kingdom (3.3) voiced low levels of trust.

• It is interesting to note that citizens of Spain show a steady and steep decline in their level of trust.

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


1-10


1-10


1-10China 6.6 6.6 7.1Canada 6.3 6.1 6.4India 5.4 6.6 6.3Netherlands 6.4 6.4 6.0Korea 5.3 5.2 5.9Brazil 6.1 5.9 5.8Russia 4.4 4.4 5.5Austria 4.9 4.7 5.2Italy 5.1 4.9 5.1USA 5.4 4.5 5.1France 5.1 4.7 5.0Switzerland 5.1 4.8 4.9Japan 4.6 4.5 4.7Iceland 4.6 4.7 4.2Germany 4.0 4.3 4.0Spain 5.4 4.7 3.8UK 4.2 3.3 3.3* Lebanon NA 6.8 7.2* Saudi Arabia NA 7.0 6.1* Australia NA 5.8 5.8* Mexico NA 5.1 5.2* Argentina NA 4.5 4.5Total 5.3 5.1 5.2BRIC 6.0 5.9 6.2G8 4.9 4.6 4.9


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• Overall, similar to the level of trust in the stability of the banks, respondents’ level of trust in the stability / solidity of the stock market increased compared to three months ago with a score of 4.2.

• The average level of trust in the stability/solidity of the stock market is at its highest since the beginning of the year.

• Respondents from only 4 countries expressed lower levels of trust in the stability / solidity of the stock market then they did three months ago: Brazil (5.4), Saudi Arabia (4.1), Spain (3.2) and Iceland (3.1).

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


1-10


1-10


1-10India 5.5 4.2 5.6Brazil 5.7 5.5 5.4Netherlands 4.7 4.7 5.0China 3.8 4.1 4.6Russia 4.1 3.9 4.5USA 4.3 3.7 4.4Korea 3.9 3.6 4.4Italy 3.9 4 4.3Japan 3.5 3.4 4.1Canada 3.5 3.4 4.0Switzerland 4.1 3.4 3.9France 3.5 3.4 3.8Austria 3 3.1 3.8Germany 3.4 3.5 3.7UK 3.2 2.7 3.4Spain 4.1 3.5 3.2Iceland 3.5 3.4 3.1* Lebanon NA 4.1 5.4* Mexico NA 5 5.2* Australia NA 4 4.6* Argentina NA 4.1 4.2* Saudi Arabia NA 5.8 4.1Total 4 3.7 4.2BRIC 4.8 4.4 5.0G8 3.7 3.5 4.0


14

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

Clothing / footwear / accessories %

Entertainment, e.g. restaurants, cinema %

Buying major household purchases %

Holidays / Travel %

Groceries % Home improvement / repairs %

Transport / commute %

(family’s) mobile phone(s) %

health related expenditure

digital / satellite / cable television %

home internet connection %

Argentina 68 67 68 57 63 59 44 39 23 23 21

Australia 58 56 50 47 52 42 31 32 23 12 13

Austria 35 28 27 32 38 22 32 22 9 9 14

Brazil 54 43 50 44 40 41 29 47 21 11 14

Canada 51 54 44 43 36 33 30 22 14 17 10

China 38 43 41 47 28 36 24 21 21 12 13

France 64 66 62 55 53 52 46 35 22 27 15

Germany 46 49 46 43 44 33 30 34 19 11 17

Iceland 70 68 74 74 62 41 43 36 23 26 11

India 40 51 48 50 23 41 39 37 15 21 18

Italy 66 57 47 54 47 35 23 44 19 23 20

Japan 71 56 60 57 58 43 53 36 27 16 14

Lebanon 58 51 45 34 46 45 50 33 21 11 15

Mexico 80 68 68 67 75 64 57 64 34 34 31

Netherlands 28 22 24 19 29 13 12 10 1 5 5

Russia 58 55 59 51 32 56 27 23 21 10 9

Saudi Arabia 43 45 50 52 44 45 34 36 18 27 30

Spain 54 55 37 48 38 38 18 40 11 7 12

Switzerland 32 25 25 24 28 14 15 20 11 6 8

UK 57 52 48 44 53 43 34 32 20 17 15

USA 68 68 62 65 58 52 50 28 28 27 15

Total 54 51 49 48 45 40 34 33 19 17 15

BRIC 47 48 49 48 31 44 29 32 19 13 14

G8 60 57 53 52 48 43 37 32 21 18 14

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

• As expected, citizens in the surveyed countries have made significant cut backs.

• On average, respondents made important cut backs in all categories with the greatest impact on clothing / footwear / accessories expenses (54%).

• The industry that seems to be the least affected by the economic situation is the IT and Telecom sector as can be seen from the relatively lower percentages, though still significant, in the mobile phone (33%), television provider (17%) and home internet connection (15%) expense categories.

• While the general sentiment throughout this third wave of the WIN Crisis Index is that pessimism throughout the surveyed countries has plateaued, people’s spending behaviors continue to show cautiousness.

15

• On average, respondents are making the same amount of cutbacks today compared to three months ago in each of the 10 categories offered in this survey.

• Furthermore, the pattern of cutbacks in each category remain the same. The most expense cut backs are still in the clothing / footwear / accessories expenses category while the least remain in the home internet connection category.

Marc 09' Average cutbacks

July 09' Average cutbacks

Difference

Clothing / footwear / accessories %

52 54 2

Entertainment, e.g. restaurants, cinema %

48 51 3

Buying major household purchases %

48 49 1

Holidays / Travel %

45 48 3

Groceries % 42 45 3Home improvement / repairs %

39 40 1

Transport / commute %

31 34 3

(family’s) mobile phone(s) %

31 33 2

digital / satellite / cable television %

14 17 3

home internet connection % 14 15 1

Total Cut Backs: ComparisonComparison of the average cutbacks in the 10 expense categories between March and Now

Total Expense Cut Backs by Category

Did experience stress %

Did experience anxiety %

Did experience unsatisfactory

sleep %

Did experience depression %

Mexico 69 49 48 35Korea 69 50 21 14Lebanon 67 69 60 43USA 67 57 46 32China 57 36 34 15Japan 46 59 25 10Saudi Arabia 45 54 37 24Iceland 45 49 19 38Argentina 42 39 30 20Australia 39 37 29 18UK 38 40 32 20France 36 49 22 7India 35 20 22 31Canada 35 31 24 15Brazil 35 35 22 11Switzerland 33 38 16 5Italy 26 23 18 10Germany 25 54 17 10Spain 25 22 21 9Russia 24 41 10 17Austria 19 6 6 3Netherlands 12 22 7 3Total 40 40 26 18G8 37 44 24 15BRIC 38 33 22 18

1616

•The Economic Crisis has had an important impact on the citizens psychological health throughout the 22 surveyed countries.

•On average, 40% of respondents have experienced stress or anxiety due to the economic situation.

•Moreover, a high of 18% of respondents said to have experienced depression as a direct result of the current economic situation.

Psychological EffectsWhich, if any, of the following have you experienced as a direct result of the current economic situation:

1717

Psychological EffectsComparison between the percentage of respondents that experienced at least 1 of the 4 psychological conditions to those that experienced none.

•Overall, 39% of respondents answered that they had not experienced any of the four psychological conditions as a direct result of the economic crisis.

•On the other hand, an average of 54% of citizens throughout the surveyed countries claim to have experienced at least one of the four psychological conditions as a direct result of the financial situation.

•Lebanon (79%), Mexico (76%), the USA (74%), and Korea (72%) experienced the most psychological effects.

•While American citizens show optimism throughout the survey, it is interesting to note that they experienced high amounts of psychological effects as a direct result of the current economic crisis.

No, I have not experienced %

Experienced at least 1 of the 4 conditions %

DKN / DNA %

Japan 15 62 23Russia 18 56 26Lebanon 20 79 1USA 23 74 3Mexico 24 76 0India 24 47 29Korea 26 72 2Germany 29 56 15China 31 66 3Iceland 32 63 5Saudi Arabia 32 67 1Argentina 36 60 4France 36 57 7Canada 47 43 10Australia 47 46 7UK 48 49 3Switzerland 51 49 0Brazil 53 47 0Spain 60 36 4Italy 61 35 4Austria 72 22 6Netherlands 75 24 1Total 39 54 7

18

Expense Cut Backs: Country by Country

19

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)

39 51 10 0

Cost of your home internet connection

21 45 33 1

Cost of your digital/satellite/cable television

23 60 17 0

Groceries, e.g. buying cheaper alternatives

63 36 0 1

Transport or commute

44 53 3 0

Clothing / footwear / accessories / expenditure

68 31 2 0

Home improvement / repairs

59 32 9 0

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

68 24 8 0

Holidays / Travel 57 23 20 0

Entertainment, e.g. restaurants, cinema

67 23 9 1

Healthcare related expenditures

23 76 1 0

Total 48 41 10 1

CategoryMarch 09'

Cut back %July 09'

Cut back %Difference


63 68 5


41 44 3


56 59 3


66 67 1


24 23 -1


23 21 -2

Holidays / Travel 60 57 -3


72 68 -4


72 63 -9


49 39 -10


NA 23 NA

Total 53 48 -5

July 2009 Comparison of the “yes, I have cut back” responses between March and July

20

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 %


32 60 7 1


13 80 6 1


12 34 52 2


52 45 2 1


31 56 12 1


58 37 2 3


42 33 23 2


50 32 17 1



56 35 8 1


23 70 5 2

Total 38 47 14 1

CategoryMarch 09'

Cut back %July 09'



39 42 3


11 13 2


10 12 2


50 52 2


31 32 1


30 31 1

Holidays / Travel 46 47 1


58 58 0


50 50 0


56 56 0


NA 23 NA

Total 38 38 0

Comparison of the “yes, I have cut back” responses between March and JulyJuly 2009

21

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 %


22 66 11 1


14 66 19 1


9 82 8 1


38 59 2 1


32 61 7 0


35 59 4 2


22 67 10 1


27 59 12 2



28 62 8 2


9 85 5 1

Total 24 66 9 1

CategoryMarch 09'

Cut back %July 09'



10 9 -1


26 22 -4


13 14 1


37 35 -2


27 22 -5


37 28 -9


40 38 -2


35 32 -3



30 27 -3


NA 9 NA

Total 29 24 -5


22

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:



Does not apply %

DKN / DNA %


47 41 12 0


14 27 59 0


11 21 67 1


40 59 1 0


29 57 14 0


54 45 0 1


41 44 15 0


50 42 7 1



43 38 19 0


21 74 5 0

Total 36 44 20 0

CategoryMarch 09'

Cut back %July 09'



37 47 10


31 40 9


45 54 9



45 50 5


38 43 5


38 41 3


12 14 2


27 29 2


10 11 1


NA 21 NA

Total 32 36 4


23

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 %


22 60 16 2


10 83 5 2


17 70 11 2


36 61 2 1


30 60 9 1


51 44 3 2


33 43 22 2


44 32 22 2



54 39 5 2


14 74 10 2

Total 32 55 11 2

CategoryMarch 09'

Cut back %July 09'



13 17 4


47 51 4


19 22 3


33 36 3


8 10 2


42 44 2


29 30 1


32 33 1

Holidays / Travel 42 43 1Entertainment, e.g. restaurants, cinema

54 54 0


NA 14 NA

Total 32 32 0


24

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:



Does not apply %

DKN / DNA %


21 76 4 0


13 73 14 0


12 81 7 0


28 63 9 0


24 70 7 0


38 53 9 0


36 39 25 0


41 43 16 0



43 41 16 0


21 59 20 0

Total 30 58 13 0

CategoryMarch 09'

Cut back %July 09'



13 12 -1


37 36 -1


23 21 -2


46 43 -3


45 41 -4

Holidays / Travel 51 47 -4


18 13 -5


29 24 -5


43 38 -5


34 28 -6


NA 21 NA

Total 34 30 -4


25

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 %


35 55 8 2


15 76 7 2


27 42 29 2


53 43 3 1


46 47 5 2


64 31 3 2


52 29 16 3


62 23 12 3



66 26 7 1


22 70 6 2

Total 45 43 10 2

CategoryMarch 09'

Cut back %July 09'



55 62 7



61 66 5


24 27 3


51 53 2


50 52 2


34 35 1


14 15 1


63 64 1


47 46 -1


NA 22 NA

Total 45 45 0


26

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 %


34 50 12 4


17 69 11 3


11 58 27 4


44 47 7 2


30 49 18 3


46 44 7 3


33 43 20 4


46 33 18 3



49 36 12 3


19 67 11 3

Total 34 48 15 3

CategoryMarch 09'

Cut back %July 09'



39 46 7


29 34 5


13 17 4


40 44 4


27 30 3



46 49 3


9 11 2


45 46 1


34 33 -1


NA 19 NA

Total 32 34 2


27

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 %


36 57 5 2


11 78 9 2


26 57 16 1


62 34 2 2


43 50 4 3


70 25 4 1


41 41 17 1


74 15 9 2



68 25 5 2

Healthcare related expenditure

23 73 2 2

Total 48 43 7 2

CategoryMarch 09'

Cut back %July 09'



21 26 5


63 68 5


32 36 4


8 11 3


72 74 2



71 70 -1


45 43 -2


43 41 -2


65 62 -3


NA 23 NA

Total 49 48 -1


28

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:



Does not apply %

DKN / DNA %


37 56 2 5


18 33 40 9


21 70 4 5


23 68 4 5


39 50 4 7


40 49 6 5


41 35 16 8


48 30 15 7



51 34 8 7


15 67 12 6

Total 35 47 12 6

CategoryMarch 09'

Cut back %July 09'



33 37 4


35 39 4


15 18 3


18 21 3



42 41 -1


49 48 -1


53 51 -2


45 40 -5


32 23 -9


NA 15 NA

Total 37 35 -2


29

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 %


44 51 5 0


20 50 30 0


23 33 44 0


47 53 0 0


23 45 31 1


66 32 2 0


35 47 19 0


47 41 12 0



57 32 10 1


19 79 2 0

Total 40 45 15 0

CategoryMarch 09'

Cut back %July 09'



20 23 3


21 23 2


20 20 0



47 44 -3


38 35 -3


50 47 -3


60 57 -3


70 66 -4


52 47 -5


NA 19 NA

Total 43 40 -3


30

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 %


36 57 4 3


14 81 2 3


16 40 41 3


58 39 1 2


53 42 3 2


71 25 2 2


43 22 31 4


60 27 10 3



56 36 6 2


27 66 4 3

Total 45 43 10 2

CategoryMarch 09'

Cut back %July 09'



13 16 3


58 60 2


35 36 1


13 14 1


52 53 1


70 71 1


58 58 0


43 43 0



58 56 -2


NA 27 NA

Total 46 45 -1


31

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 %


33 61 6 0


15 50 35 0


11 85 4 0


46 53 0 1


50 48 1 1


58 41 1 0


45 48 7 0


45 46 8 1



51 37 11 1


21 78 1 0

Total 37 52 10 0

CategoryMarch 09'

Cut back %July 09'



37 58 21


36 51 15


25 50 25


29 46 17


29 45 16


37 45 8



36 33 -3


11 15 4


9 11 2


NA 21 NA

Total 28 37 9


32

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 %


64 25 10 1


31 38 30 1


34 36 30 0


75 24 0 1


57 40 4 0


80 17 2 1


64 27 9 0


68 22 10 0



68 20 12 0


34 59 7 0

Total 58 30 12 0

CategoryMarch 09'

Cut back %July 09'



57 64 7


50 57 7


73 80 7


57 64 7



62 68 6


62 68 6


26 31 5


31 34 3


74 75 1


NA 34 NA

Total 55 58 3


33

Cutbacks in The NetherlandsSince 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 %


10 86 4 0


5 87 7 1


5 93 2 0


29 69 1 1


12 82 6 0


28 70 2 0


13 79 7 1


24 67 9 1



22 73 5 0


1 99 0 0

Total 15 80 4 1

CategoryMarch 09'

Cut back %July 09'



NA 10 NA


NA 5 NA


NA 5 NA


NA 29 NA


NA 12 NA


NA 28 NA


NA 13 NA


NA 24 NA

Holidays / Travel NA 19 NA


NA 22 NA


NA 1 NA

Total 15 15


34

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:



Does not apply %

DKN / DNA %


23 75 1 1


9 88 2 1


10 51 37 2


32 56 5 7


27 68 3 2


58 37 2 3


56 26 14 4


59 19 19 3



55 29 13 3


21 68 8 3

Total 37 49 11 3

CategoryMarch 09'

Cut back %July 09'



47 59 12


61 58 -3


49 56 7


43 55 12



40 32 -8


34 27 -7


38 23 -15


9 10 1


15 9 -6


NA 21 NA

Total 37 37 0


35

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 63 0 1


30 57 12 1


11 85 4 0


46 53 0 1


50 48 1 1


58 41 1 0


45 48 7 0


45 46 8 1



51 37 11 1


21 78 1 0

Total 39 53 8 1

Comparison of the “yes, I have cut back” responses between March and July

CategoryMarch 09'

Cut back %July 09'



16 34 18


22 44 22


31 45 14


41 43 2


21 30 9


42 45 3


43 50 7


36 36 0


15 27 12



NA 18 NA

Total 31 39 8

July 2009

36

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 55 5 0


12 50 37 1


7 31 60 2


38 59 1 2


18 67 14 1


54 45 1 0


38 47 14 1


37 46 15 2



55 43 2 0


11 85 4 0

Total 33 52 14 1

CategoryMarch 09'

Cut back %July 09'




48 55 7


31 37 6


35 38 3


16 18 2


11 12 1


40 40 0


8 7 -1


59 54 -5


46 38 -8


NA 11 NA

Total 33 33 0


37

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 %


20 69 10 1


8 78 13 1


6 77 16 1


28 70 1 1


15 75 10 0


32 66 1 1


14 64 20 2


25 51 24 0



25 66 8 1


11 86 2 1

Total 19 70 11 1

CategoryMarch 09'

Cut back %July 09'



23 28 5


16 20 4


4 8 4


3 6 3


30 32 2



16 15 -1


15 14 -1


27 25 -2


32 25 -7


NA 11 NA

Total 19 19 0


38

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 %


32 58 8 2


15 79 5 1


17 55 26 2


53 43 1 3


34 48 16 2


57 38 3 2


43 38 16 3


48 33 16 3



52 34 12 2


20 56 22 2

Total 38 48 13 1

CategoryMarch 09'

Cut back %July 09'



11 15 4


13 17 4


30 32 2


50 52 2


33 34 1


42 43 1



57 57 0


48 48 0


55 53 -2


NA 20 NA

Total 38 38 0


39

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 %


28 61 9 2


15 80 3 2


27 64 9 0


58 40 2 0


50 43 6 1


68 28 2 2


52 31 15 2


62 24 13 1



68 27 3 2


28 65 4 3

Total 47 45 7 1

CategoryMarch 09'

Cut back %July 09'




22 27 5


26 28 2


13 15 2


60 62 2


52 52 0


69 68 -1


52 50 -2


70 68 -2


61 58 -3


NA 28 NA

Total 47 47 0


40

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Win Crisis Index Financial Crisis

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