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Research

Consumer Mindset – April

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Finian Murphy, Marketing Director

by Finian Murphy, Marketing Director

Core

400 Days, 16,000 people

 

Today, Friday 23rd April marks 400 days since Core Research began to study the impact of the pandemic on our every aspect of our lives.

Since then, we have spoken with 16,000 people about the effects of COVID-19 – from job losses, to more time with family, from loneliness to finding love online. Based on this survey data, we have made predictions about future behaviours, understood mobility, consumer sentiment and consumer behaviours – some that may stick, while some may disappear.

 


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The ties that bind or break us

 

A key theme to reflect on as we look towards the end of this horrendous period in history is social cohesion. This is the extent of connectedness and solidarity among different groups in society. It will be central to the country moving forward, and addressing challenges such as high unemployment, the housing problem and the climate crisis.

In June 2020, we were “all in it together,” when 76% of the population approved of how other citizens were handling the pandemic. This high level of social cohesion crashed in January 2021, when only 34% approved of how other citizens behaved over Christmas. This fracture in our relationship with each other has improved since then, but today, half the population trust that other people are doing their best to overcome the pandemic, while half the population do not.

As we plan for the lockdown exit, it will be important to acknowledge this division and for community, political and organisational leaders to repair this gap. In the latest Consumer Mindset report, Core Research look at the different levels of optimism and sentiment within the population.

Hope prevails.

 

The flowers are blooming, the evenings are getting longer and the vaccines are rolling out. After a long period of public perseverance, the nation is beginning to see signs of hope.

As people watch Instagram videos of friends in the UK enjoying an outdoor beer or getting a haircut, there is a sense that we are on the last leg of a long road. However, with continued levels of debate in the past month about mandatory hotel quarantine, the vaccine roll-out and what age groups should be prioritised, public sentiment remains flat in terms of short-term optimism.

While the KBC Consumer Sentiment Index (conducted by Core Research) has yet to return to the pre-COVID-19 level (85.2), it has bounced back to 77.1 in March 2021, and we predict this may increase again for the month of April.

This is an indication that most consumers are generally confident about their finances in the next 12 months, but what about their mood in the next three months? More specifically, which groups are optimistic and who are not?

The Core Research COVID-19 tracker reveals that public concern about the pandemic has declined since January, in line with case numbers, however, caution remains high, with 51% of adults saying they are very or extremely concerned.

 


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Generational divide

 

Over the past three months, the percentage of all adults who are optimistic about overcoming COVID-19 has not changed – 52% are optimistic – with the remainder unsure about the months ahead.

This uncertainty does not impact all equally. An older generation who are beginning to be vaccinated or see friends and family receiving the jab, are more likely to feel optimistic (63% of over 55-year-olds). In contrast, 53% of under 35-year-olds are not optimistic. The younger generation see their friends abroad out socialising and are unsure about when they will be able to do so.

 


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This uncertainty about the short-term future matched with high youth unemployment (15-24 year olds) now at 59.2% is causing significant pessimism amongst the next generation. This gap in confidence and hope between the young and old will need to be acknowledged to ensure that social cohesion remains, as the country recovers.

Brands and organisations that demonstrate empathy and provide solutions or offerings to the younger generation who are most impacted by COVID-19 (particularly women), have the opportunity to create life-long relationships with the next generation of customers.

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