According to ESOMARâs latest study, market research turnover in the Nordic region amounts to US$ 445million. With consolidation and a slowdown affecting the other markets worldwide, what is happening in the Nordic region?
Research in North and Latin America, Europe and the Middle East.
Market researchers should be comfortable with taking more risks and trying to elevate their position proactively. That's the major challenge currently posed to the industry,.
The US is the worldâs largest single research market, with spending at $6.2 billion in 2001, but in the wake of recession and the September 11 attack, growth of the US market for market, media and public opinion research in 2001 dropped to 4% over 2000. It is the fourth consecutive year of growth decline according to the US market research newsletter, Inside Research. After 2.8% inflation, net spending increased by just 1.2%.
The unexpected success of Jean-Marie Le Pen in the first round of Franceâs recent Presidential election came as a shock for not only the nationâs politicians but its pollsters. As elsewhere, political opinion polling constitutes only a small fraction of survey research activity but is largely responsible for public awareness of the research industryâs existence.
The boosting effect of international co-ordination on research.
The English language has been a valuable asset to the UK market research industry, which it has exploited skillfully as interest in international research programmes has grown. The market continues to expand, but a growing number of European and US networks are now fighting for a share.
Latin America grew in the 90âs when each country embarked on economic reforms towards a free market. With an increasing presence of the large international research chains, the market research industry in Latin America shares many of the same concerns as the rest of the world whilst retaining its own particular characteristics.
Opinion polls reflect the political situation and the economic development of countries. The diversity of both these conditions in Asia has led to an interesting range of situations.
In general research withstands recession better than other marketing services such as advertising and public relations, where there have already been redundancies in some countries. Clients need information when their businesses are doing badly, just as much as they do when they are prospering, the argument goes. But that doesn't mean there won't be increased competition and pressure on margins. Circumstances vary from agency to agency, but there is a widely held view among the chief executives of some of Europe's leading research companies that the market will get worse in Europe before it gets better.