Global consumers speak up

Older consumers all around the world are being greatly impacted by the decline of global markets, according to the AARP Global Network.

It has monitored reports and asked organisations around the world that cater to the 50+ population to gauge how the phenomenon is affecting consumers.

It asked about government and industry measures being taken to help older consumers navigate the downturn and tried to gain a better understanding of how the crisis is affecting the consumer behaviors. 

Across the board, consumers are cutting luxury spending and being more cautious about their everyday expenditures, particularly as job losses are on the rise.

Pre-retirees and retirees are nervous about their future as they have incurred losses to their pensions.

Confidence levels in banks and the markets are varied, but generally low.

Governments are acting to implement mechanisms to spur lending and spending, however, are these the actions consumers need to regain confidence?