In this competitive business environment, businesses focus proper analyzing the need of the consumers, their expectations by going through a the details of the consumer spending forecast, the consumer confidence data etc. Consumers are the King of the market and their satisfaction is the ultimate goal of every organization. Organizations now focus on maintaining a long term relationship with the customers and this can be done only if the consumer gets what he aspires for.
The 4 Analytics Every Business Needs To Know About Consumers include :
1. Consumer Confidence Index:
Analyzing the consumer confidence index will help the businesses learn how optimistic or pessimistic consumers are with respect to the economy and their personal financial situation in the near future. How confident people feel about stability of their incomes affect their economic decisions, such as spending activity, and therefore serves as one of the key indicators for the overall shape of the economy. Consumer confidence typically increases when the economy expands, and decreases when the economy contracts.
2. Consumer Spending:
Consumer spending is the most important determinant of short-term demand in an economy. Consumer spending is the amount of money spent by households in an economy. It is the largest part of aggregate demand at the macroeconomic level. There are two components of consumption in the basic model: induced consumption (which is affected by the level of income) and autonomous consumption (which is not).
3. Auto Outlook:
The Prosper Auto Sales Outlook provides marketers with directional insight into lightweight vehicle sales both month-over-month and year-over-year. Prosper applies their proprietary algorithm to commerce data sets on lightweight vehicle sales and Prosper’s unique purchase intentions data to derive the Auto Outlook.
4. Prosper Impulsivity Score:
The Prosper Impulsivity Score is an indicator of how much, or how little, consumers are living in the moment when it comes to their spending habits.
In an uncertain economy, retailers and product manufacturers today can’t follow traditional practices when it relates to customers. Factors such as demographics and the growth of digital and inefficient marketing and advertising plans are converging to create the sluggishness and it won’t go away overnight. Hence, keeping track of such changes is very much crucial for every business.