Economic outlook in the US remains relatively optimistic with a rise in intent to spend spare funds on a car
Blis, a trusted leader in location-powered advertising and analytics has today released the Blis consumer confidence pulse, an interactive tracker that captures a quick snapshot of consumer sentiment. The tracker plots how consumers are feeling about their local economy, household finances and spending intent and the survey is running in the US, UK, UAE, Singapore and Australia.
Based on three highly topical questions around finances the Blis pulse is updated twice monthly to provide a rounded picture of how consumers are reacting to changes in their situation, both personally and on a national scale.
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Head of Insights, Alex Wright speaking on the tracker said, “We started this tracker in the wake of the COVID-19 outbreak being declared a pandemic to give us a quick read on consumer sentiment. Armed with the knowledge of what consumers are telling us, we can then plot this against our retail foot traffic and consumer movement data to give a rounded view of progress through crisis, stability and recovery.”
Over the past six months, physical movement restrictions have ebbed and flowed in different cities across the country with daily activities requiring new safety measures. As a result, most consumers are behaving differently, with many working from home, avoiding crowded public spaces and communicating virtually. For brands, this tracker provides an opportunity to contextualize other data sources to really understand the concerns of their audience.
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At a macro level the economic outlook is optimistic. Closer inspection, however, shows that the rise in net sentiment has come as a result of sentiment shifting from negative to neutral, as people remain uncertain in light of the fluctuating levels of the virus across the country. This pattern is reflected in personal finances also, as people wait to find out the impact of the removal of the enhanced unemployment support packages. Despite this uncertainty, respondents in the US are almost as likely to spend spare funds on purchasing a car as saving for a rainy day.
“2020 has been nothing short of a rollercoaster year. Everyone has been impacted differently and now people are not only concerned about the health crisis, but also the global financial crisis. Since March, we’ve seen brands pivot their operations, strategy and messaging multiple times to meet their consumers’ concerns about safety. Looking ahead, it’s essential for brands to pivot again and remain sensitive to their audience’s financial confidence. The Blis consumer confidence pulse allows brands a quick snapshot of the direction of sentiment,” said Gil Larsen, Managing Director, Americas.
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