Before you decide where to put your advertising or investment dollars this month, it would help to know where the market’s headed, right? Consumer trends are constantly in flux, so what’s the best way to find out how your customers are really feeling?
It’s simple—ask them.
SurveyMonkey Audience—a powerful online tool aimed at targeting specific survey respondents—has partnered with investment research firm Blueshift Research to deliver free reports tracking on consumer trends affecting the marketplace. For our next installment, we took a look at key sales markets both from the online world as well as the brick and mortar world.
Here are the 4 biggest consumer sales trends of September 2014:
1. Google Rules Review Sites
Consumers used to rely on word of mouth for purchase decisions. Now they read online reviews. With over a third of people in favor, Google topped the list of online review sites. Both Google and Yelp (coming in at 25%) attracted the coveted younger audience. However, a recent court ruling allowing Yelp to alter reviews on merchant sites might lead to a loss of trust among its audience if they believe the reviews are being tinkered with.
2. Local Stores Dominate
Local grocery stores, for the second straight month, have a firm hold on this market at 61%. While big-box stores are attracting lower income groups, and specialty stores are drawing the higher income market, local grocery stores attract all income levels. Some stores are adopting new strategies to seize market share, like Kroger which has implemented a new online ordering since it acquired Harris Teeter.
3. Wearable Technology Not Clicking…Yet
Google Glass and the Apple Watch have everyone’s attention, but so far no one’s buying. Interest in wearable technology rose last month, but high prices are preventing most consumers from adopting them into their lives. As more devices hit the market, prices are expected to fall. By 2018 the wearable tech market is expected to reach a whopping $8.36 billion. We’ll be watching this trend closely.
4. Cutting the Cable Cord
Cable subscriptions have been on the decline for a while, but this month saw the largest percentage of people canceling their service (19.5%) and the lowest number with basic cable plus add-on services (67%). However, not everyone is cutting their cable: Respondents between ages 45 and 60 are holding on.
How are cable giants responding? Some companies are adding cheaper packages with fewer channels. Others are offering à la carte services where consumers pay only for the channels they choose. With networks offering fewer channels and more streaming services, this could limit your potential reach if you’re thinking of running ads on these platforms.
Check out the free report here to get more in-depth analysis on trends affecting voting behavior, home buying, technology usage and other issues.
Ready to start your own research? Visit SurveyMonkey Audience today!