I read a very interesting article in The Times this week about positive consumer optimism despite the cost of living crisis. Not only did I consider this great news for my Barns & Barges, but for the country as a whole. Read on if you’re so minded…
Consumers are becoming more likely to spend on big-ticket items, which is great news for The Wonderful World of Woodfarm obviously. Don’t get me wrong, we are nice and busy, and holding our own. But what I think we all need is a good injection of consumer confidence to turn things around and turn those frowns upside down. It’s my belief that that is up to us lot, as the powers that be aren’t really doing a good job!
“Despite soaring inflation, according to a closely watched survey, confidence rose, with an improvement in all areas measured in the index by GfK, the market intelligence company. The biggest jump was in expectations for personal finances over the coming year, which rose by eight points. People said they were more likely than in previous months to spend on big-ticket items such as furniture or electrical goods, with the big purchase index at its highest level in a year” Definitely all good news as far as I can see!
Thankfully, when compared with say the weekly shop, a Woodfarm Barns or Barges break is a big ticket item. The really interesting thing about all this for me is that years ago, whilst I was setting up and planning all things Woodfarm, I commissioned East of England Tourism to carry out a business case study on my planned new enterprise. One of the most important takeaways from this for me was that as a nation, we would rather have a holiday than a pay-rise. Why? Because it makes us feel good, that’s why! I’ve never forgotten this, and it all dovetails nicely in with this research.
The client strategy director at GfK, Joe Staton said that consumers may have built price rises into their expectations and now felt “more stoic and less desperate because maybe things aren’t as bad as they could be”.
Also in the article, the UK head of consumer markets, retail and leisure for KPMG, Linda Ellett, said: “Consumer confidence continues to climb but still has an upward path ahead to recovery. Appetite for major purchase spending does still exist among two thirds of consumers with savings, but unlocking that spend will be dependent on whether and when essential costs stabilise or fall.”
So all in all, I think that’s some pretty good vibrations coming from the people in the know! As I say, we are busy, but I just get the feeling we all want the future to look a little brighter as 2023 progresses.
Interestingly I think this mood ties in with another piece I wrote about consumer confidence recently on our Blog Pages so do take a look at that if you’re in the mood
Anyway dear reader, onwards!
Featured image by Artem Beliaikin