MEDIA UPDATE OF THE WEEK
As social media platform, Instagram is constantly growing in popularity, the algorithm continues evolve and adapt to adhere to societal expectations. In order to successfully encompass individual interests, Instagram has recently introduced a new feature allowing users to customise what appears on their feed.
The additional tool is known as a ‘favourites’ feature. It operates by providing Instagram users with the option of selecting up to 50 accounts, which will be prioritised within their feed. However, users are not limited to their selected ‘favourites’ list, as they are able to simply change their feed, to ‘following’. Adam Mosseri, Head of Instagram, claims that the difference between the two is that the ‘following feed’ portrays the latest posts from all accounts that the user follows, while the ‘favourites feed’ presents posts from the most admired accounts.
The purpose of this change is to compete with the successful creative platform, Tik Tok. Due to its personalised algorithm, it has become a favourite, specifically among Gen Z.
ANZ – Roy Morgan Consumer Confidence increased by 2.3pts to 9.34 this week after the average petrol prices in Australia dropped by around 30 cents per litre over the last two weeks.
Among major states, confidence increased in Victoria, Queensland and SA, while it dropped in NSW and WA.
Comparing the Consumer confidence from April 2021 and April 2022, the consumer confidence saw a significant increase of 14.3pts in 2022.
Having a closer look at the current financial conditions, 26% (up by 2ppts) of Australians say their family is in a better financial situation comparing to last year with 38% (down 2ppts), that say families are in a worse financially situation.
One significant jump experienced the “time to buy a major household item” which jumped 3.4% after a nearly 14% decline over the past three weeks.
According to the latest CommBank Consumer Insights Report, more than 53% of consumers are willing to pay more to buy from purpose-led businesses. Almost one in five shoppers are willing to pay more than 10% extra for good services, sold by a business with a strong purpose. At the forefront of this percentage, it appears the younger generation are much more willing to spend a little extra, with 71% being among Generation Z, while 38% are among Pre-boomers.
As the second year approached for the CommBank Consumer Insights Report, insights were given into the shift in attitude on how consumers view social purpose in a business and how it can impact their shopping habits.
The pandemic we are all too familiar with has been a primary driver to more than a third of consumers’ reassessing their priorities and making different choices about what they are going to buy and where they are going to shop. The value of purpose does vary by category, with the highest being in the food and beverage service, recreational goods, personal care services and products.
CommBank’s Executive Manager Jerry Macey said: “The Report findings show the powerful influence of purpose and how it can increase a consumers’ loyalty, advocacy and spending. The pandemic has accelerated a shift in Australian consumer habits, and we have seen how shoppers are looking for their own values to be reflected back in the brands and businesses they support.
“Despite this trend emerging from the pandemic, the focus on instilling a social purpose will likely continue for the long term. Consumers have made it clear they are looking for an authentic, all-encompassing approach that is embraced throughout the organization.”
That being said, it is the purpose-led businesses that benefit the most when it comes to consumers. About 38% of buyers have said that they tend to be more forgiving towards a brand with an authentic purpose, with 35% actively seeking them out.
Macey continued by saying: “Purpose is important, but it needs to be authentic in order to add value. Today’s consumers are very well informed and can quickly determine whether a brand is genuine about the causes they support. Their connections with brands are often personal, and so they are likely to feel personally let down if brands fail them with inauthentic, short term campaigns.”
The launch of Underbelly Vanishing act helped Network Nine win share in WC 3rd April. The show’s debut brought in 689K total viewers, which is the highest rating new Australian drama launch since SeaChange in 2019 and the numbers only kept climbing for ep 2, reaching 711K metro viewers. In addition to this, the Married at First Sight finale garnered a total of 1.21M total viewers.
Despite this big win for Nine, it looks like Network Seven has stolen the show for Q1 in national, commercial numbers (OzTAM five-city metro and Regional TAM combined aggregate + Tas + WA markets).
Seven West Media Managing Director and Chief Executive Officer, James Warburton, has stated “Seven is the undisputed national leader in total television”, “with the #1 news brands in the country, including 7NEWS, Sunrise, The Morning Show and The Latest”, and the network is “#1 in drama with Home and Away, #1 in lifestyle with Better Homes and Gardens and #1 for sport with the Winter Olympics and the AFL.”
In the week up to the 11th April, there were 1.1564 million minutes of BVOD content consumed across Australia, this is down 1.38% WoW, but still reached 6.4M People nationally.
The final episodes of MAFS took out the top spots with a combined audience of 628K, while the final episodes of Survivor had an audience of 196K. Similar to that of linear television, the premier episodes of Underbelly: Vanishing Act were the highest rating GE programs with a combined audience of 375K across the first 2 episodes on BVOD this week. Consistency is key for Network 7, with Home and Away featuring 3 times in the Top 10 most watched shows on BVOD.