A hopeful uptick in consumer sentiment quickly fades as wave 7 of the Consumer NOW Index shows a significant drop in both current and future outlook.
As consumers continue on a cycle of emotional highs and lows, brands should think about how they can reinforce stability and comfort in consumer’s lives.
Regardless of the drop in sentiment, consumer's unconscious implicit feelings of Joy saw an over-indexing increase between waves 6 and 7. Accompanied by a slight increase in freedom, consumers may be feeling the excitement of the approaching summer, especially as some cities begin early phases of reopening.
With a drop in explicit sentiment but an increase in implicit joy, brands can infer that consumers are beginning to feel accustomed to their (less than ideal) situation. While there may be a general contempt towards daily life, they are now able to accept and find fulfillment through virtual social interactions, exercise, and hobbies. Some may even be finding joy in just the idea that life is on its way back to normal - especially with summer on its way. Things don’t seem as scary or unknown as they were two months ago.
Similarly, nearly all challenges that consumers are facing are at an all time low. The challenges that they face are lesser now than at any other point in time since tracking began.
Consumers' feelings on opening up are largely consistent from wave-to-wave with two notable exceptions: consumers' belief that we should go back to work significantly increased while consumer comfort with returning to normal activities decreased.
A consumer’s desire to go back to work may be a reflection of financial needs or the need for a new location to work outside of the home including any of the distractions and care taking that comes with it. However, consumers still need more time until they are comfortable going out to a restaurant, attending a concert, or taking crowded public transit.
Brands must re-evaluate what they're doing and can do to make consumers feel safe both in the home and in the outside world. They can also find new ways to support a transition from day to night - helping consumers separate their work day from their personal time.
View the full insights dash board here.
Wave 7 of the Consume NOW Index reflects consumer sentiment and behavior from May 15th - May 20th 2020