Financial uncertainty and interruptions to our daily lives are likely to continue for some time. For advertisers, accurate data and meaningful insights into consumer behaviour will be invaluable for identifying and adapting to new opportunities as they arise.
From a distance the signs are indicating that this will look like a rapid recovery for the UK economy, with Andy Haldane, Economist at the Bank of England saying, “The recovery in the UK is coming ‘sooner and faster’ than expected, leaving us optimistic for a V-shaped bounceback”. However, while we’re in the thick of it, expect a series of interruptions and false starts until the risk of additional spikes and waves of COVID-19 reduces and further lockdowns become more remote.
For more than 100 days the UK has been under various states of lockdown. Over the last number of weeks those lockdowns have eased significantly, with non-essential retail opening mid-June and pubs and hospitality this past weekend.
With so many uncertainties, the question to ask isn’t what will change in three- to six- months’ time but what won’t change. What are the inherent human truths that underpin behaviour and decision-making?
The COVID-19 crisis has disrupted the way we live, work and play. It’s also impacted national economies of countries around the world and in turn the personal finances of individuals. Decision making has changed and household budgets are tighter. In the UK alone 40% of the working population is currently furloughed or unemployed.
With lockdowns slowly lifting around the world, the UK began Phase 2 of it’s restrictions last week, with PM Boris Johnson “taking the first careful steps to modify our measures”. Workers that couldn’t work from home were encouraged to return to work, avoiding public transport, where possible. The impact of what this means for employees and businesses alike is yet to be fully seen.
The second derivative is the rate of change of the rate of change. In this latest video episode from ‘The changing behaviour series’, Blis’ Head of Insights, Alex Wright looks at publically available data about new cases to see if we can look a little further down the track to when restrictions might be lifted.
Home baking is experiencing a surge of interest, leading to a flurry of cakes and breads posted across social media and a scarcity of some of the essential ingredients for the tasty treats. But the lure of the takeaway is hard to resist and following the Easter break the Blis team tucked into some stats to find trends in the QSR sector for ‘The changing behaviour series’.
As well as understanding consumer behaviour and how they are engaging with content on their mobile devices ‘The changing behaviour series’ will provide some creative insight to help make the best use of creative campaigns. In this video Jamie Hall, Head of Creative at Blis shares some examples of how brands can be more innovative with their storytelling and interact with consumers on a deeper level.