Top 3 Interesting Insights about Inflation and Finance from Google Trends

What Google Trends Reveal About Inflation and Finance

Inflation, economic uncertainty, and the rising cost of living - these financial buzzwords have taken center stage in our lives in 2022. As we all grapple with personal budgets and financial decisions, many of us turn to the trusty search bar on Google for guidance. The question is, what exactly are we searching for, and what can it tell us about the financial landscape? In this inaugural edition of "True North: Business Insight," we dive into the top three intriguing insights about inflation and finance derived from Google Trends data.

?? 1. The Quest for Financial Clarity

First and foremost, the data tells us that people are hungry for financial knowledge. Phrases like "What is inflation?" have seen a significant surge in search interest globally. This trend is not confined to the English-speaking world; it's happening across the globe, from "インフレとは" ("what is inflation") in Japan to "l?m phát là gì" ("what is inflation") in Vietnam. In times of economic complexity, it's only natural that we seek answers to comprehend the world around us.

For instance, the search interest in the phrase "why" concerning "expensive" has grown by 20% globally in just the past six months. Moreover, 2022 has witnessed increased searches like "why is lettuce so expensive" and "why is diesel so expensive" in Australia, "kapan harga turun" ("when are prices going down") in Indonesia, and "why is petrol expensive" in India. These queries reflect the public's genuine interest in understanding the dynamics of inflation and its impact on their daily lives.

?? 2. The Surprising Synergy of Saving and Sustainability

While grappling with inflation, many individuals are making a connection between saving money and saving the planet. Surprisingly, some of the more affordable alternatives align with sustainability goals. "Second-hand" and "used" searches have surged, indicating a shift in consumer preferences towards sustainable shopping practices. What was once seen as a less favorable choice now exemplifies conscious consumerism.

This trend extends to transportation. Rising gasoline prices have led to increased searches for "electric car" and "petrol price" in Australia. Similarly, in Thailand, searches containing "??????????" ("petrol price") have surged by over 100% compared to the previous year, while interest in electric vehicles continues to grow across the Asia Pacific.

?? 3. The Pursuit of Affordable Luxuries

Amid economic uncertainty, the quest for affordability is evident. Searches for "cheap" items like the "cheapest car" in Australia and "cheap buffet" in Singapore have risen. However, this doesn't imply that consumers are solely seeking low-budget options. They're seeking a balance between quality and value, with searches containing "best" remaining high in Australia even during turbulent times.

Moreover, people are still indulging in small luxuries. Searches for items like "luxury perfume" in India, "luxury retreat" in Singapore, and "glamping" in Indonesia and Taiwan have increased. Individuals are also exploring alternative payment options for larger purchases. Searches for "buy now pay later" and credit cards are on the rise, reflecting a desire for immediate access to not just essentials but also the little joys in life.

?? The Key to Navigating Uncertain Times

In a world of rapid change and uncertainty, understanding consumer needs and behaviors is paramount. Search trends provide insights into what matters to people in the moment and how they're adapting. However, to truly grasp the consumer mindset, it's crucial to look at long-term trends. Economic uncertainty isn't new, and it won't be the last. Google Trends data, spanning over 15 years, offers a window into long-term shifts in behavior and demand, not just recent fluctuations.

In this ever-changing financial landscape, staying attuned to the evolving needs of consumers remains essential. And that's where the data-driven insights from Google Trends can be your North Star. ??

#TrueNorthBusinessInsight #FinanceTrends #InflationInsights #ConsumerBehaviorContributor: Debadeep Bandyopadhyay, Research Analyst for Europe, the Middle East, and Africa

Sources: Google Trends, Think with Google?

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