Consumer Confidence: Signs of Recovery
Using Google search data, Google have created a Barometer to show how consumer confidence is faring in our ever-changing climate. The search trend line is made up of keywords that reflect changing consumer sentiment; these are then plotted on a chart hosted on our Survival of the Fastest channel (click Trends tab). Our barometer indicates that consumer confidence is showing signs of recovery. This trend is also reflected in analysis done by the OECD and in Morgan Stanley’s Economy & Internet trends Report Oct 09 (slide 17).
If we look at our real time insights tool ‘Google Insights for Search’ we can also spot some green shoots. Searches for repossessions are down 50% year on year in Oct 09. In Oct 08 searches for ‘Safe Savings’ rose 2500% year on year. It has since fallen back to pre-credit crunch levels. Searches for ‘end of the recession’ are new to 2009 as consumers look towards better climate. More people are searching for last minute deals than this time last year. Searches for real estate agencies are up in 09 vs 08. And, are people starting to think about purchasing cars again?
To find out what consumers think our 'Google on the Street' Team went out and asked them. Do people think we are at the end of the recession? What kind of purchases are we considering? How is online shopping helping consumers survive in an uncertain climate? Watch the video below to see what people are saying.