Blis, which specialises in location-powered advertising and analytics has 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 UAE, UK, USA, 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.
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 contextualise other data sources to really understand the concerns of their audience.
Optimism in the economy of the UAE recovered from late July, its lowest dip since tracking began. Looking closer we can see that this resulted in people shifting from pessimistic to optimistic, with those feeling neutral remaining relatively flat, which of itself is a positive outcome. The same pattern was replicated when asked about household finances following recent announcements regarding economic stimulus for non-oil and small and medium private sector businesses. Perhaps unsurprisingly, saving remained the top way people would spend spare funds.
“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 Puja Pannum, Managing Director MENA.