RANZ Panel: Unveiling the economic crystal ball for the industry and our clients

This episode of "Now That’s Significant, a Market Research Podcast," takes a deep dive into the current state of the New Zealand economy and its implications for the market research industry.

Host Michael Howard brings you a panel discussion from the Research Association New Zealand's AGM, featuring experts from various sectors. The panel, moderated by Chair Ian Mills, includes Rob Clark from Seek, Carin Hercock from Ipsos, Jason Shoebridge from NZIER, and Liza Van der Merwe from Deloitte Access Economics.

Here are five key points discussed:

This Time Feels Different: The panel agrees that the current economic climate feels different from past recessions. Factors like the rapid transition from a high-spending Covid period to a recession, the reliance on migration for economic growth, and the impact of global geopolitical tensions contribute to this unique situation.

Consumer Confidence and Inflation: Consumer confidence is low, driven by high inflation and the rising cost of living. The panel discusses the impact of housing costs and mortgage rates on consumer sentiment, noting that inflation in New Zealand remains stubbornly high compared to other countries.

The Power of Narrative: The discussion highlights the influence of media narratives on public perception of the economy. The panel emphasizes the need for market researchers to be a voice of reason, providing data-driven insights to counterbalance negative or sensationalized reporting.

Financial Literacy and Transparency: The panel raises concerns about financial literacy levels and the need for greater transparency in communicating economic data to the public. They suggest that market researchers can play a role in educating consumers and helping them understand the impact of economic trends on their lives.

Productivity and Innovation: The panel identifies low productivity as a key challenge for the New Zealand economy. They discuss the need for greater investment in technology, innovation, and skills development to boost productivity and drive sustainable economic growth.

A question for our listeners:

How can market researchers effectively communicate complex economic data to the public in a way that is both accurate and engaging, fostering greater understanding and informed decision-making?

Enjoy the podcast

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