21 May AUS NORMALITY INDEX – Week 8
WE’RE FEELING HALF NORMAL, BUT… YOUNG AUSSIES ARE ANXIOUS, AND STARTING TO LOOK DISLOYAL TO BRANDS AND SERVICES
For the majority of Aussies, we are feeling ‘half normal’, with the Australian Normality Index creeping over that halfway marker to 52% for the first time since the Government restrictions started 8 weeks ago. However this week’s index has identified a group of Aussies and some behaviours that business needs to be alert to as they reorient their offer for the rebound.
KEY OBSERVATIONS FROM THE NORMALITY INDEX WEEK 8
- FROM LIVES TO LIVELIHOODS: ‘Confidence in the economy’ is now the highest driver of our sense of normality. It is the lowest performing driver (43%) and it is stagnant. And whilst our anxiety is increasing, Aussie 18 – 34 year olds have been hardest hit, with a significant increase in their anxiety as they try to navigate their way through reduced working hours (42% have less work), and the need to find next week’s rent (38% are renting).
- WHEN WILL LIFE BE NORMAL AGAIN: 76% of us now believe it will take 6 months or longer for life to be normal. However, an increasing number of us don’t think life will ever return to normal. Now 20% of us are anticipating the New Normal, this is an 81% increase since Week 1.
- QUESTIONING THEIR LOYALTY: Our 18 – 34 year olds, have given us their first indication that as their personal financial situation remains upper most in their mind and a source of anxiety, they are starting to question their loyalty to their service providers. This is the behaviour we have hypothesised would start: consumers would start questioning the value of the brands and their products and services they have previously bought. In this week’s report we share some example data on Contestable Loyalty across Energy, Telco and Superannuation, and these tell a story that for our young Aussies their loyalty is waning, suggesting they will either defect or switch.