Coronavirus Crisis: Luxembourg residents support local economy
Standing together with the Luxembourg economy: 67% of Luxembourg's residents want to give preference to local products, now more than ever - this is the result of the latest survey conducted by ING in Luxembourg.
"The coronavirus crisis has led some people to question their consumption habits. Solidarity and cohesiveness are now more important than ever, and the majority of people surveyed are prepared to support our local economy," says Ingrid Ballesca, Lead Market Analyst, who commissioned the current survey.
67% of respondents said they will now more than ever give preference to Luxembourg products in order to support the local economy. Respondents’ country of origin does not play an important role, as 61% of foreign residents also subscribe to this opinion.
There are, however, big differences among age groups: while 55% of the younger generation (18 to 24 years old) share this attitude, the percentage rises to 75% for those over 65.
Luxembourg-City and the East of the country display the strongest sense of cohesiveness with 73% of those surveyed.
To what extent do you agree with the following statements regarding the future, i.e. the period after the end of the Corona crisis?
"More than ever, I will give preference to Luxembourg products in order to support the domestic economy"
Local companies can also count on well-intentioned customers: 64% of respondents would like to give extra support to strongly affected business sectors such as the restaurants and catering services.
This ranking is led by the South of the country.
People are rather optimistic and cautious with their investments
The survey shows that 48% of respondents are optimistic and feel that the economic situation will improve rapidly once the crisis is over. On the other hand, 26% of those surveyed are rather pessimistic about the future.
Larger purchases are currently being postponed. 51% feel they should “wait for better times". However, 21% would still like to use the time right now to realize planned investments.
"Lockdown and postponement of purchases put many companies to a hard test. That’s why it’s all the more important right now to support the wave of solidarity while remaining cautious with larger purchases," says Ingrid Ballesca.
ING makes a commitment!
As announced in the press, ING is taking part in the economic stabilisation programme put in place by the Luxembourg government in order to help both business and professional customers whose activities are impacted by the Covid-19 crisis. The programme’s measures include:
Under the motto "A heartfelt thank you", ING in Luxembourg has launched different solidarity actions with UNICEF and the Luxembourg Red Cross.
About the survey
This representative survey was conducted in Luxembourg by TNS ILRES on behalf of ING Luxembourg. The survey involved 500 people aged 18 and over and ran from 27.04.2020 to 04.05.2020.
Operating in the Grand Duchy of Luxembourg since 1960, ING is a universal and accessible bank with well-developed and user-friendly digital channels, appreciated by our retail, private and wholesale banking customer base, as well as a more personal contact through our network of branches. With over 100,000 customers, ING is one of Luxembourg’s top 5 banks and one of the country’s top 10 brands (source: 2018 KPMG Luxembourg Customer Experience Excellence Report).
Our aim is to empower people to stay a step ahead in life and in business. We believe the role of a financial institution is to support and promote economic, social and environmental progress at the same time as it generates healthy returns for shareholders.
Always at the cutting edge as regards digitisation, we were the first high-street bank to launch an online account in Luxembourg. With over 800 employees in the Grand Duchy (700 of whom are at our head office: ING Lux House) and thanks to the combination of our local presence and the strength of a robust multinational like ING, we offer our personal and business customers a wide range of solutions through the channel of their choice.
We actively contribute to the growth of the local economy, as demonstrated by the significant rise (+16%) in lending volumes during 2017. Our mortgage portfolio continued growing in 2017 (+15%), breaking the EUR 2 billion barrier for the first time. On both sides of our balance sheet, we posted double-digit growth (+18%) in 2017, reaching EUR 18.5 billion.
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