Management consulting firm McKinsey & Company released a report last year entitled “Winning the $30 trillion Decathlon – Going for Gold in Emerging Markets”.
The report revealed that 92% of purchase decisions of Egypt’s consumers are influenced by recommendations from friends and family members before purchasing food and beverages. This is also particularly interesting in relation to the fact that Egyptians spend 41% of their household income on food alone, followed by housing and education (each 11%), according to Credit Suisse Emerging Consumer Survey 2011.
Source: McKinsey & Company
71% of the Chinese are influenced by recommendations before purchasing food and beverages, followed by Nigeria at 49%.
Such behavior is common in emerging markets, the McKinsey report stated, as developed markets reveal a different trend. In the United States the statistics measured about 40%, and the United Kingdom is at 29%.