By Administrator | Monday, 10 August 2020
In the beginning of this pandemic, we have seen some predictions of future behavior. One of the predictions is that people will be more likely to buy health insurance.
We did another online survey from 5 June – 3 July 2020. We gathered over 400 responses, with participants who are skewed to urban, female, over 30, and middle income.
One of the questions that we asked to those who still have income (n = 221 of them), were:
- Would they buy a financial product now, and
- If yes, what is/are the product that they will buy
The result is quite surprising, yet at the same time, predictable.
It shows that gold is much preferred than any other financial product, by those planning to purchase a financial product at this time of the pandemic. It is even more protective than health insurance.
What this tells us, is that in this confusing time, consumers will still lean towards a more predictable and stable investment instrument. They need bare necessities. Or if we look at it with another angle: they do not want to lose whatever bare necessities they have now, amidst unpredictability.
Gold, traditionally and still is, believed to provide people with more surety. You can fail with other products, but with gold, you will always gain – the general notion that we are sure most people have in their minds.
If we relate that back to the overall sentiments we found in our survey, how emotional state shifts from one measurement to the next (you can find the report here, this piece of information reiterates that consumers need to be reassured and feel protected by those that they know can give immediate and proven benefits. They do not need lofty aspirations. They want to release some of the emotional trap by holding onto something more definite.
Insurance has not convinced them of that, yet.