Chris Harrison: Consumer Confidence – Without It, Brands Suffer – PSFK
In the USA, the University of Michigan publishes a monthly consumer confidence index. According to the BBC Business website ‘every blip and dip of the University of Michigan’s monthly consumer survey… is chewed over obsessively by market pundits.’Here in Africa we don’t get this sort of information on a regular basis. So when it comes, it’s worth a quick read. And marketers who do so, should ponder whether or not to adjust their forecasts.Consumer confidence is the degree of optimism consumers feel about the overall state of their economy and their personal financial situation. Having read a number of these surveys in the last week, it is clear that the latter strongly influences the former. Particularly in markets where the general public are not well informed about macro-economic trends. Or the realities of business performance.Africa is a large and diverse Continent. We have to keep saying that for the benefit of those folks who still think we’re a country. And in such a place, there are bound to be very significant differences in consumer attitudes. Right now in Ivory Coast, people are less concerned about economics than they are about being hit on the head by a French missile.