News this month has emerged that consumer confidence is currently running at a record high point. As a matter of fact, it’s recently just tipped over the 100% bar originally set by Nielsen in its quarterly Consumer Confidence and Spending Intentions review- an achievement only realised for the second time in the past decade.
Great news, not just for companies using Magento eCommerce software, but for businesses in general. There’s been a couple of surveys released that report news on the contrary to the high confidence being enjoyed, but these reports are coming from people who are not absolute leaders in the field and haven’t gone through stringent, consistent methodology of interviewing tens of thousands of consumers in multiple markets for numerous years.
Without going into detail that will send you to sleep, interest rates have remained just about zero for a number of years and, among other swaying factors, things aren’t as bad as the headlines and those who spend their lives ranting on social media make them out to be. So, this is why we should be looking at the new Nielsen report with a fair bit of interest.
As it stands, only Denmark lies above the UK within the EU for consumer confidence, as does India and the USA globally.
With Black Friday approaching this coming weekend, brands will have to contemplate their strategies. Those who last year thought there would be a surge at the end of November that wasn’t going to have a bearing on the surge in the run-up to Christmas in December got it utterly wrong last year. Consumers had their heads screwed on and bought the gifts they were expecting to, but they did it earlier and took advantage of a new retailer phenomenon of providing discounts a month before Christmas.
If you have a business then you should be aware that you can factor in consumer confidence into your objectives in the reassurance that this is the most positive UK consumers have been in a decade. We enjoy being the bearers of good news, and this is surely nothing but!