New technology manufactured around the globe has given us access to items we never thought possible like smartphones, ready access to an infinite amount of information and an abundance of clothing that is more affordable than ever before. However, there are drawbacks to sourcing items from abroad, including availability, quality and sometimes, working conditions of the employees.
Prior to this crisis, many consumers did not consider the origin of the products they bought. However, as the Coronavirus Crisis continues, public emotion increases and becomes stronger towards, buying goods made in the United States. One reason being, that the availability of certain goods may be linked to survival. And if they are manufactured in the US, they are likely to be more readily available. At the beginning of March, consumers were panicked to buy face masks and there were none available for purchase. This lack of supply was part of the crisis shopping trend. Cognovi EMOTION AI detected a dramatic increase in fear when essential goods, including face masks, were nowhere to be found.
One mask in particular, the N95, was in extremely short supply – even to hospitals where medical care professionals urgently needed protection. China manufactures 50% of N95 masks. Facing its own Coronavirus epidemic, the Chinese government has dedicated all its production for their use and only exported when authorized by the government.
Recently, consumers have been highly motivated to buy products Made in America. We expect this trend to continue to increase and will continue to monitor this as consumer motivation is a precursor to consumer actions.
Cognovi Labs is an emotions analytics company, which fuses machine learning with behavioral psychology to measure the public’s emotions and predict consumer behavior. Its products are geared toward businesses, investment firms, creative agencies and media. Cognovi Labs’ raw data is available through Bloomberg Access Point, Battlefin Ensemble and directly from the company. The EVENT IMPACT APP is available on the Bloomberg terminal at APPS COGNOVI <GO>. For bespoke research and questions, please contact email@example.com or cognovilabs.com. Copyright © 2020 Cognovi Labs. All rights reserved