Mind Over Money When It Comes To Consumer Prosperity
Mindset matters more than income when it comes to feeling prosperous
50% of South African consumers feel ‘better off’ than they were five years ago
When it comes to feeling prosperous, mindset matters more than income according to Nielsen’s 2019 Changing Consumer Prosperity Report, which highlights how global consumers think and feel about their financial situation.
Financial factors like income and wage increases are an incomplete indicator of prosperity as, in reality, financial wellbeing does not equate to wealth. Income and wage can provide some pointers for understanding prosperity but we need to dig deeper to get a true understanding of how consumers feel about improvements to their lives and the impact on their spending behaviour.
The insights reveal that slight changes in a consumer’s economic situation giving them access to new or better products – for example, the ability to upgrade their feature phone to a smartphone – can make a big impact on the consumer, and they therefore feel more positive about their situations. Nielsen – Read more…