The JWT AnxietyIndex was launched in February 2003 during the run-up to the war in Iraq. It tracks the level and intensity of consumer anxiety and the drivers of that anxiety. It examines safety and security concerns—the threat of terrorism, potential and current military hostilities, crime—as well as economic worries, such as the cost of health care, the cost of living and job security. The AnxietyIndex is also designed to discover consumer insights that will help marketers formulate strategies during times of high or low anxiety. A quantitative survey was conducted using JWT's SONAR, our proprietary online research tool. In January 2010, 328 adults aged 18-59, living in Argentina were surveyed. The data was weighted by age and gender.

1. ANXIETYINDEX
ARGENTINA
JANUARY 2010

2. AGENDA
Background ..............................................................................................................3
Methodology ............................................................................................................5
What’s making people anxious today? ........................................................6
A closer look at Argentina ..............................................................................17
The recession’s impact on Argentina vs. other countries................................18
The recession’s impact on lifestyle ................................................................21
Media and the recession ................................................................................30
Shopping behavior and the recession ............................................................36
Looking to the future: The next generation ....................................................39
In Conclusion ........................................................................................................42
2

3. BACKGROUND
The JWT AnxietyIndex was launched in February 2003 during the run-up
to the war in Iraq.
It tracks the level and intensity of consumer anxiety and the drivers of
that anxiety. It examines safety and security concerns—the threat of
terrorism, potential and current military hostilities, crime—as well as
economic worries, such as the cost of health care, the cost of living and
job security.
The AnxietyIndex is also designed to discover consumer insights that will
help marketers formulate strategies during times of high or low anxiety.
3

4. BACKGROUND (CONT’D.)
Argentina - GDP Percent Change
15
8.7 9.2
10 8.3 8.5 8.7
6.8
5
0
-2.5
% Change -5
-10
2004 2005 2006 2007 2008 2009 2010
(est.)
JWT launched the baseline study for AnxietyIndex in Argentina in 2010.
Following the global economic downturn, forecasts predict a recession for Argentina in 2010.
Source: CIA World Fact Book
4

5. METHODOLOGY
Quantitative survey conducted by JWT SONARTM, our proprietary online
research tool
Data collected January 2010
328 adults aged 18-59, living in Argentina
Data weighted by age and gender
5

6. WHAT’S MAKING PEOPLE
ANXIOUS TODAY?
6

7. Overall anxiety levels in Argentina are
high—among the highest in the world ...
100
10 16 18
90 21 22 22
26 28
30
80 34 35
41 42
45
70 58
60 65
50 90
84 82
40 79 78 78
74 72 70
30 66 65
59 58
55
20 42
35
10
0
Japan Russia Saudi Argentina Mexico UAE India U.S. Spain Brazil U.K. Australia Colombia Canada France China
Arabia
% Nervous/Anxious % Not Nervous/Anxious Brazil: January 2009
India, China: April-May 2009
Russia, Spain, Japan: March 2009
U.S., U.K., Canada, Australia, France: September 2009
Saudi Arabia, UAE: October 2009
Argentina, Colombia, Mexico: January 2010
Overall, given everything that is going on in the world, the country, and your family’s life,
7 how nervous or anxious would you say you currently are?

8. ... with a full quarter of respondents
saying they are “very nervous/anxious.”
50
% Very Nervous/Anxious
40
30
20
38
30
28 26
10 25 25 21
18 16
12 10
9 8 8 7 6
0 Russia India Saudi UAE Argentina Japan Mexico Brazil U.S. Spain France U.K. Australia CanadaColombia China
Arabia
Brazil: January 2009
India, China: April-May 2009
Russia, Spain, Japan: March 2009
U.S., U.K., Canada, Australia, France: September 2009
Saudi Arabia, UAE: October 2009
Argentina, Colombia, Mexico: January 2010
Overall, given everything that is going on in the world, the country, and your family’s life,
8 how nervous or anxious would you say you currently are?

9. ANXIETYINDEX MAP
SAFETY/SECURITY ECONOMIC
Political Leadership
900
Threat of
State of Economy
Terrorism
FURTHER 600
FURTHER
FROM FROM
“HOME” “HOME”
300
Potential Military Cost of Health
Hostilities Care
0
CLOSER CLOSER
TO TO
“HOME” Current Military Cost of Living “HOME”
Hostilities
Crime Job Security
SAFETY/SECURITY ECONOMIC
9

10. Financial security and personal safety
stand out as anxieties, while wars and terrorism
are further from the collective consciousness.
Political Leadership
Argentina
1000
Global average
900
Threat of
800 State of Economy
Terrorism
700
600
500 517
400
235
300
200
Potential Military 52 Cost of
Hostilities 100
228 Health Care
0
74
81
298
Current Military Cost of Living
Hostilities 985
575
Crime Job Security
AnxietyIndex: % who are nervous or anxious/% who are not
10

11. Anxiety over personal finances is
pronouced even compared with other
LATAM markets we studied.
Political Leadership
Argentina
1000
LATAM* average
900
Threat of
800 State of Economy
Terrorism
700
600
500 517
400
235
300
200
Potential Military 52 Cost of
Hostilities 100
228 Health Care
0
74
81
298
Current Military Cost of Living
Hostilities 985
575
Crime Job Security
AnxietyIndex: % who are nervous or anxious/% who are not
*Brazil, Argentina, Colombia, Mexico
11

12. In addition to current concerns like food prices and
national infrastructure, Argentines also worry about the
future, specifically natural disasters and global warming.
The War in Iraq Argentina
Impact of Global The War in Global average
Warming 800 Afghanistan
Natural Disasters 600 The Housing
Market
360
400
Safety of the 296 49 Gasoline Prices
Food Supply 200
43 103
112 156
35 0
Quality of
Products Imported 193 Food Prices
49
from China 84 784
275 367
The Government’s
Unemployment Rates
Budget Deficit
The State
of the Bank Failures
National Infrastructure The Stock Market
AnxietyIndex: % who are nervous or anxious/% who are not
12

13. Argentina shares the same specific concerns as
LATAM in general, although Argentines have heightened
anxiety around food prices and infrastructure.
The War in Iraq Argentina
The War in LATAM* average
Corruption 800
Afghanistan
Impact of Global 600 The Housing
Warming Market
495
400
360
Natural Disasters 200
Gasoline Prices
49
43 103
296 156
0
Safety of the 112
Food Prices
Food Supply 35
49 84 784
193
367
Quality of 275
Products Imported Unemployment Rates
from China
The Government’s
Budget Deficit Bank Failures
The State of the
The Stock Market
National Infrastructure
AnxietyIndex: % who are nervous or anxious/% who are not
*Brazil, Argentina, Colombia, Mexico
13

14. In general, Argentines are fairly pessimistic
about the prospect of positive change in the near term.
WORSE BETTER
Safety of the food supply -25
1
The housing market Argentina -19
Global average -3
The stock market
-15
More optimistic
2
Bank failures More pessimistic 0
1
Unemployment rates -35
-27
Gasoline prices -67
-34
Food prices -72
-35
The government’s budget deficit -45
-29
% who expect it will get “better” minus % who expect it will get “worse” in the next six months
And over the next six months, do you expect that each of the following will get better, stay the same or get worse?
14

15. Likely because people are still feeling
the sting of the economic downturn …
Intensity of Personal Impact from Tough Economic Times
33
47
20
1 2 3 4 5 6 7 8 9 10
Haven’t Have
impacted impacted
me at all me a great
deal
No Impact Great Impact
%
On a scale of 1-10, where 1 means tough economic times haven’t impacted me personally at all and 10 means tough
15 economic times have impacted me personally a great deal, how would you rate yourself?

16. ... though many believe they
have fared better than their countrymen.
Intensity of Impact from Tough Economic Times
Impact on Argentina Impact on me = 47
Impact on Me Impact on Argentina = 67
1 2 3 4 5 6 7 8 9 10
Haven’t Have
impacted impacted
me at all me a great
deal
No Impact Great Impact
%
How would you rate the impact of the recession on your country?
16

17. A CLOSER LOOK
AT ARGENTINA
17

18. THE RECESSION’S
IMPACT ON ARGENTINA
VS. OTHER COUNTRIES
18

19. Most think the recession has affected Argentina to
about the same degree as other countries in the region.
Impact of Recession on Argentina vs. Other Latin American Countries
70
63
60
50
40
30
20 19 18
10
0
My country has been My country has been My country has been LESS
MORE affected than other affected ABOUT THE SAME affected than other Latin
Latin American countries as other Latin American countries American countries
%
Thinking about the effect of the global economic downturn on your country, do you think your country has been affected
more, less, or about the same compared to other Latin American countries?
19

20. Argentines are split on how the country
has fared compared wealthier countries.
Impact of Recession on Argentina vs. Richer Countries
70
60
50
40 36
32 32
30
20
10
0
My country has been My country has been My country has been LESS
MORE affected than affected ABOUT THE SAME affected than
richer countries as richer countries richer countries
%
Thinking about the effect of the global economic downturn on your country, do you think your country has been affected
20 more, less, or about the same compared to richer countries?

21. THE RECESSION’S
IMPACT ON LIFESTYLE
21

22. Argentines consider ivory-tower politicians,
class inequalities, crime and corruption as
the primary social impacts of the recession.
% who agree
Politicians in my country are out of touch with
how the average person is being affected by the 61
global economic downturn
Government corruption in my country is as bad
as it has ever been 58
I’m worried that crime in my neighborhood will
increase as people fall on hard times 58
I worry that the global economic downturn is
widening the economic gap between the rich 58
and the poor in my country
My social class is being dealt an unfair blow
because of this global economic downturn
45
I have started to notice that the values in my
country have changed a bit as a result of the 32
global economic downturn
The economic crisis has brought me closer to
my friends and family
13
The economic crisis has distanced me from my
friends and family
8
%
How much do you agree or disagree with each of the following statements?
22

23. Behavior-wise, people
are retrenching to their homes ...
Changes in Social Behavior as a Result of the Economic Downturn
2
Going to concerts/theatre 36
62
3
Going out to the movies 36
61
2
Going out to clubs, bars 38
60
3
Going out to eat 38
59
2
Going out shopping 44
54
2
Going out to parties/events 44 More
54 Same
44 Less
Spending time at home 45
11
%
Some people have told us that recently they have made some changes in how they are spending their time. Looking at the
list of activities below, are you doing each more often, less often, or about the same amount as you did before the global
economic downturn?
23

24. ... especially women.
% Doing Activity LESS by Gender
66
Going to concerts/theatre 59
64
Going out to the movies
57
69
Going out to clubs, bars
51
68
Going out to eat
49
63
Going out shopping
45
62
Going out to parties/events Women
45
Men
%
Some people have told us that recently they have made some changes in how they are spending their time. Looking at the
list of activities below, are you doing each more often, less often, or about the same amount as you did before the global
economic downturn?
24

25. As one might expect, people are spending more
time at home primarily to cut back on spending.
Why People Are Spending MORE Time at Home
To cut back on spending 80
Because of crime in my neighborhood 31
I want to spend more time with my family 24
Because most of my friends are 23
There seems to be less going on (parties,
concerts, etc.) 12
I improved my home entertainment/bought new
items for home entertainment
2
Other 10
%
You mentioned that you have been spending more time at home recently. What are the reasons you have been spending
more time at home?
25

26. Crime is a prime driver of anxiety ...
How concerned are you about crime in your neighborhood?
70
84
60
52
50
40
32
30 16
20
14
10
2
0
Very Somewhat Not very Not at all
concerned concerned concerned concerned
%
Now, we’d like to talk to you about crime in your neighborhood. How concerned are you about crime in your neighborhood?
26

27. ... and appears to be tied to the downturn,
as anxiety related to crime has risen steeply ...
How has your concern about crime changed over the past year?
80
70 68
60
50
40
31
30
20
10
1
0
Increased Stayed the Same Decreased
%
Thinking about the past year, has your concern about crime in your neighborhood increased, decreased, or stayed the same?
27

28. ... impacting the daily
lives of many, especially women.
Has your routine changed due to concerns about crime?
80
70 Women
Men
63
60
55
50
45
40 37
30
20
10
0
Yes No
%
Have you changed your routine at all due to your concern about the crime in your neighborhood?
28

29. People have adopted coping mechanisms impacting
various areas of their lives, from going out less often
to showing less bling to shopping in different areas/stores.
Has your routine changed due to concerns about crime?
Going out less often than I used to 61
47
Not wearing certain pieces of clothing or 52
accessories so I don’t attract attention 51
Not going out at night
57
36
Choosing to shop in different areas/stores 45
41
Making sure that when I am out, I am not alone 50
36
Choosing different methods of transportation 47
20
Buying fewer luxury items 21
29
Women
Entertaining myself and friends at home so I 16 Men
don’t have to go out as much 11
Other 11
9
% Among those who have changed their routine due to concerns about crime
And how or what have you changed?
29

30. MEDIA AND
THE RECESSION
30

31. As in most markets, people understand
the downturn as much as it affects them but
don’t possess an in-depth understanding.
Knowledge of the Global Economic Downturn
60
52
50
44
40
30
20
10
4
0
0
I know a lot I know a fair I’ve heard of it, I’ve never
about it amount about it but that’s about it heard of it
%
How much would you say you know about the global economic downturn?
31

32. Argentines get their news through
several sources, primarily TV and the Web ...
% of people who use source for news at least once a day
100
90 87
80 76
70
60 57
50 46
40
30
20
10
0
TV Online Radio Newspaper
%
About how often, if at all, do you get your current news and information from each of the following?
32

33. ... which have been a source of information
about the downturn, especially among men.
% of people who saw news about the downturn through their usual
news and information sources
100
90 Women
85 Men
80
75
70
60
50
40
30 25
20 15
10
0
Yes No
%
Have you watched/read/heard reports about the global economic downturn from your usual news and information sources?
33

34. Most Argentines feel the media has covered the
downturn in the right proportion. If anything, there’s
been less coverage than they’d like ...
Has the media coverage of the downturn been ...?
80
70
60
60
50
40
30 29
20
11
10
0
Too Little Right Amount Too Much
%
And do you think the media has been giving reports about the global economic downturn too much, too little,
or just enough coverage?
34

35. ... perhaps that’s why most Argentines
were unaware of reports that LATAM will
enter a recession this year.
Awareness of reports that Latin America will enter a recession in 2010
80
70
59
60
50
41
40
30
20
10
0
Yes No
%
Are you aware of the recent reports that Latin America will enter a recession in 2010?
35

36. SHOPPING BEHAVIOR
AND THE RECESSION
36

37. In the past year, most people have changed their
behavior in response to the global downturn—though
these steps are more passive than active ...
Actions taken as a result of the global downturn
Paying closer attention to prices while I’m shopping 69
More actively looking for items on sale 69
Doing more comparison shopping to make
sure I get the best price 62
Buying only when I am close to running 54
out of something
Shopping more at discount or less expensive stores 45
Switching to lower priced brands 43
Buying more store brands/private label brands 36
Buying smaller amounts of items, more often 26
Using more coupons 22
Buying more in bulk 13
I haven’t changed my spending habits 11
as a result of the recession
%
Now, we would like to talk to you about your shopping over the past year. Please take a moment and think about how your
spending habits have or have not changed over the past year when it comes to what you buy for your household (i.e.,
groceries, supplies, etc.). Which of the following, if any, have you begun to do as a result of the global economic downturn?
37

38. ... and defensive recessionary behavior
seems yet to have gripped Argentines.
% who agree strongly
I have started to cut back on things I don’t need 40
I worry that because of the global economic downturn
I won’t be able to attain the lifestyle I want
34
I have noticed my friends have cut back in
their spending habits 28
I worry that because of the global economic downturn 27
I won’t be able to keep up the lifestyle I am used to
I haven’t personally felt the effects of the recession
but have modified my spending habits just in case
16
The recession hasn’t really changed
what I do in my everyday life
13
%
How much do you agree or disagree with each of the following statements?
38

39. LOOKING TO THE FUTURE:
THE NEXT GENERATION
39

40. While a majority of Argentines are generally
anxious about the world their children and their
children’s children will inherit ...
% of people anxious about themselves vs. anxious about the
future for their children/grandchildren
100
90
90
80 79
70
60
50 43
40
30 25
20
10
0
Anxious about Anxious about Very Anxious about Very Anxious about
themselves their children/ themselves their children/
grandchildren grandchildren
% Among those who have children
Given everything that is going on in the world, the country, and your family’s life, how nervous or anxious would you say
you are about the world your child(ren) or grandchildren will inherit?
40

41. ... which tends to manifest in financial concerns.
% agreeing strongly or somewhat
I worry about the effect this economy will have on the
ability of my child(ren) to find a good job
79
I worry about my ability to afford the type of education 75
I’d like for my child(ren)
I worry about my retirement funds and that I may 69
someday have to rely on my child(ren) for help
This is a good lesson for my child(ren) about living 49
within your means
I’ve lived through recessions before, and so did my
parents—my child(ren) will be just fine
46
The schools are doing a good job of teaching my 27
child(ren) about the recession
% Among those who have children
How much do you agree or disagree with each of the following statements?
41

42. IN CONCLUSION
42

43. IN CONCLUSION
Argentinean consumers are accustomed to economic turmoil (inflation,
recession, etc.) and have lived with various forms of economic crisis for
decades. They are adaptable, expanding and shrinking their spending in
accordance with the times.
This is why the main driver of anxiety is the state of the economy,
specifically the uncertain future that people constantly face.
Within the economy, the most relevant issue is inflation, which causes a
day-to-day rise in the cost of living. Argentina, which is not experiencing
the same recession as most of the world, has been grappling with
permanent price fluctuation under the ghost of inflation since the 1970s.
43

44. IN CONCLUSION (Cont’d.)
The other important driver of anxiety is concern about security and
crime.
The media is stoking perceptions that crime is increasing and that the
country’s economic future is uncertain. The biggest media owners are
using their popular newspapers to wage a battle against the
administration because of political and economic differences. So
coverage of these issues tends to exaggerate the facts in order to
achieve greater political opposition.
44

45. IN CONCLUSION (Cont’d.)
Argentina is going through a credibility crisis. Since the last serious social,
political and economic crisis, in 2001, Argentines have suffered a deep
lack of credibility. The current administration is distrusted because of how
it carries out decisions and accusations of corruption.
Leadership is weakening because of a general perception of politicians as
corrupt and out of touch with society’s needs.
The high level of anxiety has resulted in widespread social tension and
aggressiveness in the streets.
45

46. IN CONCLUSION (Cont’d.)
As Argentine consumers are accustomed to economic difficulties, they
don’t consider the global downturn a relevant issue. They know about it,
but local problems are more meaningful to them.
46

47. IN CONCLUSION (Cont’d.)
This gloomy picture provides brands an opportunity to offer optimistic
messages and a positive brand experience, standing out by counteracting
the negativity dominating Argentinean society.
People are looking to slow down and enjoy life. Brands can play an
important role by helping people who are seeking balance and harmony.
47

48. IN CONCLUSION (Cont’d.)
Walmart and Kraft Royal are two brands that are bringing some fresh air
by communicating from a positive point of view.
Walmart: “Save money. Live better”
The economic crisis has led to a waning belief in the idea of saving
money—people don’t believe it’s really possible to save much. As a
consequence, people feel that having a happy life with friends and family is
more important than being materialistic and money-oriented. But the “Save
money. Live better” proposal tells customers that by saving money, they
will have a more enjoyable life.
48

49. IN CONCLUSION (Cont’d.)
Kraft Royal: “Nourish their happiness”
The target is the modern mother between 25 and 35. The brand is
positioned as a way for mothers to be both responsible/caring and fun.
“Nourish their happiness” tells mothers they can give their kids a nutritious
dessert that they will love; and it’s both a cheap and simple option (it
comes ready-made), perfect for a busy mother on a budget.
49

50. THANK YOU
Mark Truss Alexandra Suarez Ann M. Mack
Director of Brand Intelligence Market Research Director Director of Trendspotting
JWT Worldwide JWT Latin America JWT Worldwide
mark.truss@jwt.com alexandra.suarez@jwt.com ann.mack@jwt.com
www.AnxietyIndex.com
(c) 2010 J. Walter Thompson Company. All Rights Reserved.