Originally published: Forethought, 14 May 2020
Week 7
The Australian Normality Index (Week 7) has revealed two important changes in Australians’ sense of wellbeing and an interesting lesson for organisations who are seeking to maintain relevance and achieve the idealised state of partnering with customers.
- FROM LIVES TO LIVELIHOODS: ‘Feeling confident in the economy’ is now the strongest driver with an overall impact of 30% (up from #3 and a 18% impact in week 1). This is a significant change. For the first seven weeks of the Covid-19 restrictions our sense of normality was driven by our concerns regarding loss of ability to freely move about in the community, ability to access healthcare and groceries. This was fuelled by the very real health threat that we were experiencing in combination with restrictions on our movements.
Now with the health crisis being well managed in Australia, and restrictions easing, our concerns and attention have shifted to the economic threat that is following hard on the heels of the pandemic. This has major implications for brands in terms of consumer behaviour and there are many lessons to be learnt from past economic contractions with the caveat that at this stage we still don’t know the trajectory nor the magnitude of this contraction.
Forethought thanks our partner, Pureprofile for their support in conducting this weekly research.
