Every week, CivicScience continually tracks current and anticipated consumer trends. Here are three key insights marketers should know this week:
1. Employment concerns influence the number of gifts consumers plan to purchase this year.
Layoffs have been making headlines recently, especially in the tech industry. This includes Meta who announced a cut in their workforce as a result of the changing tech environment post-pandemic.
CivicScience ongoing polling shows that employment concerns have been rising over the last several weeks, predominantly among consumers who follow tech news and trends (data available in full report). The data also show that employment worries are spilling into anticipated holiday spending. Among those who say employment concerns will have a major impact on their holiday spending, nearly 60% report they will buy fewer gifts this year than last year. Whereas, those with little to no concern are more likely to purchase about the same or more gifts this year.
2. Democrats are more than twice as likely to trust the results of the Midterm elections than Republicans.
Following the Midterm elections, nearly 9-in-10 Democrats, (who were also much more enthused with the outcome) report they trust the election results, compared to 4-in-10 Republicans. Independents are roughly in the middle, with about 6-in-10 saying they trust the outcome.
Conversely, Republicans hold the highest levels of mistrust (41%) and Democrats hold the lowest (7%), with Independents standing in the middle (21%).
3. Interest in stock investments rose amid the FTX crash.
Following the recent FTX collapse, which derailed confidence in the cryptocurrency market, more Americans are interested in stock investments over crypto. Last week, interest in stock investments climbed to 67%, while interest in crypto went down to 14%.
As a result of FTX’s bankruptcy, most Americans also believe cryptocurrency markets should be regulated by the federal government — get these details and more in CivicScience’s weekly report available to clients. Request a free demo to get started.