On this morning’s WJR Business Beat, Jeff discusses Mindshare’s COVID-19 tracking study, which indicates the sentiment of American consumers, providing interesting and valuable insights.
Tune in to the WJR Business Beat segment, below, to learn more about the study’s findings:
“So much of consumer sentiment is driven by perspective, and that perspective for many will begin to normalize and stabilize as our lives get back on track throughout the rest of 2021.”
– Jeff Sloan
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Good morning, Paul.
You know, entrepreneurs can do everything right, but if the consumer sentiment isn’t positive, spending pulls back and businesses suffer. Given that, it’s good to keep a finger on the pulse of how consumers are feeling about the quality of their lives, their future opportunities to make a living and support their families and, therefore, their willingness to spend.
Now Mindshare’s COVID-19 tracking study, which many consider to be the gold standard when it comes to research conducted by a media agency about the effects of an existential threat on the sentiment of American consumers, provides interesting and valuable insights. So here we go.
In general, the good news is that Americans are feeling far more hopeful and less worried, scared and confused, but of concern, the study indicates that there are also people feeling more overwhelmed, stressed, sad and frustrated by the impact of the COVID-19 pandemic.
The study also shows some variances by consumer segment with the Gen Z population still feeling more anxious and overwhelmed than other generations. While millennials are most likely to feel happy, and Gen X and boomers are most likely to feel hopeful. Those with lower incomes are more likely to feel happy yet overwhelmed, while those with higher incomes are feeling confident yet worried. All in all, given what we’ve been through over the last year with all of the damage and havoc that the pandemic has wreaked on all of us, I think that while a bit paradoxical, it’s a relatively promising report.
So much of consumer sentiment is driven by perspective, and that perspective for many will begin to normalize and stabilize as our lives get back on track throughout the rest of 2021.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.
