Gulf South Index
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Back to School – What We’re NOT Buying This Year
As the new school year begins and children around the country anticipate what the year will bring, parents are plagued by funding a new school year in a time of increasing inflation and economic uncertainty. Last year, the excitement of leaving Zoom school and online accommodations behind tempered the high prices back-to-school season boasted. In Deloitte’s 2021 back-to-school survey, people were 55% more confident about the economy’s prospects than they were in 2020, as their purchases reflected.
Perception, Reality and the Pursuit of Happiness
Real vs. perceived economic pain. When it comes to issues like the economy and crime, the public perception of a bad situation may be worse than the situation itself. Even worse, negative perceptions about the economy, specifically, can lead to the reality of a declining economy. The news right now is tough. The percentage of consumers rating the U.S. economy as “poor” or “very poor” rose by 12 points from nearly 35% in late March to more than 47% in early June, according to Resonate’s COVID-19 and Emerging Trends Consumer Flash Study released earlier this month.
Free Samples? Yes! Pay for News? No. – Sneak Peek of 2022 Gulf South Index
We want free stuff. If you’ve ever wondered why a middle-aged gentleman would trip over three 10-year-olds and a nun to catch one of those free t-shirts fired out of a cannon at a basketball game, you are not alone. “Free stuff makes us do very strange, irrational things,” according to a May 8 in-depth article by The Hustle.
Our social media habits are changing
Social media continues to transform how we communicate, gather information and connect with others. It’s the place where we get our news, check in with our friends and family, and discover the latest hot spot for lunch or the newest fashion trends. In fact, 4.62 billion people around the world use social media, with 424 million new users joining a social network in the last year, according to the DATAREPORTAL Digital 2021 October Global Statshot Report.
What is your economic pain threshold?
Inflation and supply chain disruptions were key factors weighing on consumer sentiment around economic outlook and overall optimism at the end of 2021, and they persist today. High demand for goods combined with supply chain issues drove inflation, sending it to a 39-year high of 7% in December – the fastest rise since 1982. This is likely the reason for decreased satisfaction with the state of the economy, which fell to 33% in 2022, a significant drop from right before the start of the pandemic in 2020, according to the latest Mood of the Nation survey by Gallup.
Covid-fatigue, misinformation weighing on consumers in 2022
As 2022 gets underway, we are approaching two years of navigating a global health pandemic. Just when we thought things were returning to a familiar rhythm of what we remember as normalcy and we were gearing up for a joyous holiday season, Omicron emerged with a vengeance. A majority of Americans say they feel “worn out” by how the pandemic has impacted their daily lives, and nearly 50% feel “angry” about it, according to the latest Monmouth University Poll.
Our search for happiness & meaning – What we learned in 2021
In the last couple of years, I’ve taken to writing down interesting things and experiences in a journal that I imagine I’ll come back to and read years from now, maybe when my grandkids ask me what life was like when their parents – my kids – were younger. As I write, I know I’m missing things, but I try to get my thoughts down.
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