MEDIA UPDATE OF THE WEEK
Coming out of the pandemic consumer behaviour has faced significant change. Through the course of the pandemic consumers have dealt with a myriad of external pressures, all largely affecting their purchasing behaviour. Sitecore, a customer experience end-to-end digital software company ran a study that polled 1000 Australian consumers over April and May 2022, giving insights into the shifting consumer landscape surrounding brand loyalty and authenticity.
The study showed that only 1 in 4 consumers were considered highly loyal, with these consumers being extremely confident in their favourite brands as they are guaranteed satisfaction that never disappoints. Within these loyal customer bases, two-thirds believed their favourite brand is more open, honest, transparent and authentic.
Moreover, Australian consumers polled that 96% of consumers believe it is important for a brand to be transparent about price increases, with 33% preferring to have the reasons clearly communicated to them. In addition, 92% of Australian consumers believe brands need to be perceived as a brand that that treats their customers and employees fairly.
The post-pandemic landscape is likely to be a rocky one and the media industry will be tasked with battling the landscape. These insights may help weather part of the storm.
Consumer confidence has risen by 1.3 points to 81.7, however it is still significantly down on the same time a year ago (112.4). The most significant cause of this was the drop in people expect to be ‘worse off’ financially this time next year.
With the economic crisis looking increasingly difficult, only 12% of Australians are expecting ‘good times’ for the economy over the next five years, and only 24% say now is a ‘good time’ to buy major household items.
Consumer Confidence increased 3pts to 84.7 this week but despite the increase Consumer Confidence is still a significant 27.5pts below the same week a year ago, June 26/27, 2021 (112.2) and is now 9.5pts below the 2022 weekly average of 94.2.
On a State-based level Consumer Confidence was up in New South Wales, Queensland and Western Australia, unchanged in Victoria and down in South Australia. Driving the improvement in the index was more confidence about personal financial situations over the next year and more people saying now is a ‘good time to buy major household items
However, only 6% (down 1ppt) of Australians expect ‘good times’ for the Australian economy over the next twelve months (the lowest figure for this indicator for nearly two years since September 2020) compared to 40% (up 2ppts), that expect ‘bad times’ (the highest figure for this indicator for nearly two years since September 2020).
David Plank, ANZ Head of Australian Economics, has said "… Consumer confidence increased 3.7% last week, possibly helped by the state budget initiatives in NSW and Queensland. Confidence increased by 4.3% and 5.2% in NSW and Queensland respectively. Household inflation expectations dropped 0.2ppt to 5.7%, despite an increase in the average petrol price over the week. The subindex capturing whether it is a good ‘time to buy a major household item’ has jumped 14.2% over the past two weeks and was the biggest driver of last week’s gain in confidence. The improvement in sentiment doesn’t mask the fact that it remains exceptionally weak, with all subindices well below neutral. We expect this week’s retail figures for May to confirm that spending is holding up despite low confidence”
Network Nine currently have the highest share for the week with 37.25%, followed by Network Seven with 32.6% and Network Ten with 20.85%.
The top two programs for this week were the State of Origin Rugby League NSW v QLD 2nd Pre-Match and Match, which aired to 1,025,956 and 1,796,963 total people respectively on Network Nine. Nine’s other top rating programs were Nine News and A Current Affair.
Seven’s top-rated programs were all Seven News programming, with Home and Away just making the top 20 programs for the week. Network Ten’s strongest performing programs were Have You Been Paying Attention? which aired to 671,161 total people, placing it in the top 10 programs. Ten’s Masterchef Australia also made it into the top 20 programs across the Monday, Tuesday and Wednesday episodes.
Source: Nielsen eTAM (June 2022)
In the week of the 20th – 26th June 2022, 1,116.2 million minutes of BVOD content was consumed, reaching 7 million people nationally.
Nine held the top 5 highest viewed programs, all across Love Island UK Season 8, with Tuesday’s episode achieving the top spot with a BVOD audience of 176,000. Seven held the 6th-10th highest spots, across Big Brother and Home and Away.