The Hindu Business Line : Soaring oil prices impacting family budgets: Survey

THE soaring oil prices are having a detrimental effect on Asian consumers' family budgets, causing anxiety and worry, according to a survey released by market research company, Synovate.

The survey results revealed that concern regarding rising oil prices was the greatest in India (94 per cent), followed by Indonesia at 88 per cent and Thailand at 75 per cent. Decreased spending power too was the most apparent in India, Indonesia and the Philippines, the results pointed out, where almost all consumers surveyed indicated that they were feeling the oil price pinch.

The survey also measured the effect of higher oil prices on family budgets and found 88 per cent of Asian consumers consenting to the fact that the rising oil costs is having a direct negative impact on their family budget. The Synovate Global Director (Motoresearch), Mr Jon O'Loughlin, said, "reduction in family budgets was forcing a change in people's consumption habits. Seventy one per cent of respondents across the countries surveyed agreed that the recent rise in oil prices has made them more aware of the amount of energy they use on a daily basis."

Adding further he said, "Car sales have also been affected, with purchase data showing sales of SUVs and large-engine cars falling substantially across the globe."

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