Posts Tagged ‘Consumer Confidence’

Consumer confidence stats and avoiding self fulfilling prophecies

August 14, 2017

Consumer Confidence

I just received an industry update from one of the key business sector publications in Ireland.

It led with a headline about “Consumer Confidence” statistics.

It went on explain:

In the last month, two key indicators of consumer confidence in Ireland and the UK have been released showing a decline in confidence since the first quarter of 2017

In went on to discuss Ireland: “In Ireland, the B&A consumer confidence tracker found that whilst consumers remain positive, the levels of this positivity have fallen from the optimism shown in the first quarter of the year. This was particularly true for consumers within Dublin, who showed a significant decline in this period

It then went on to discuss consumer sentiment the UK: “In the UK, market research firm Gfk’s consumer confidence index fell to -12 in July from -10 in June. According to Reuters despite low levels of unemployment, household’s assessment of the economic situation was a major component of the decline in confidence for this period

It then summarised both positions: “It is clear that the uncertainty around Brexit has continued to affect consumers and the B&A and Gfk trackers will be a good measure to keep an eye on as negotiations progress

While thankfully they avoided a negative headline the piece did leave me in a negative frame of mind.

While this information is valuable the way it was delivered only succeeds in making everyone who reads it pessimistic about the future and behaving conservatively.

Suddenly ‘negative consumer sentiment‘ becomes a self fulfilling prophecy with industry reacting negatively and so on and so on.

I am not for softening up bad news but when we deliver negative statistics we need to communicate a full story that is never as bad as the potential doomsday outcome in our heads, unless we want it to be.

Greg Canty 

Greg Canty is a Partner of Fuzion Communications, a full-service agency that offers Marketing, PR and Branding  services from our offices in Dublin and Cork, Ireland