Consumer confidence is at a 15-year high and Prosper’s Impulsivity Score and Consumer Mood metric are up as well. Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in on the state of the US consumer with the arrival of the spring shopping season.
Prosper Consumer Confidence: Heading into spring, sentiment climbs 7+ points m/m to 57.8% who are confident/very confident in the economy in March. This month’s reading represents a 15-year high (March 2002 = 61.1%). At 72.0%, confidence among small business owners is up from last month (62.2%). “The glass is certainly half full in 2017, based on Prosper’s confidence indicator among both consumers and small business owners. With optimism riding higher, we could see continue reading…
Brick-and-mortar stores—which include discount stores, specialty stores and department stores—remain the main channel at which surveyed men most often purchase menswear, for a total share of 78.3% as of June 2016.
The majority of surveyed men have purchased menswear online, with 67.0% having done so in June 2016. However, those who do over half of their menswear shopping online remained a small minority, representing only 14.8% of surveyed men, whereas those buying most often online was a niche segment, at 2.6%.
The number of Amazon menswear customers has doubled over the past five years―23.4% of those surveyed bought menswear at the online retailer in the three months prior to June 2016, up from 9.4% in June 2011. However, those buying menswear most often at Amazon remained a niche segment, with a share of 2.1% in June 2016.
Amazon, Kohl’s and Walmart appeal to price-sensitive customers―over 85% of their customers cite price as the reason they shop there. Macy’s positioning differs slightly, in that it has an edge on selection and style compared to the other top retailers.
Deborah Weinswig, a top-ranked global retail analyst who writes about retail and tech, recently authored “The ‘Recycling’ Of Department-Store Shoppers — And Why Amazon Could Gain From Macy’s Closures” for Forbes.com. In the article, Deborah uses unique consumer insights from Prosper Insights & Analytics to show how Macy’s store closures will benefit Amazon. This article is timely for anyone in the retail industry and we think you will enjoy it.
Newly Released Media Behaviors & Influence™ Study Provides Marketers in Disrupted Media Market with Real Data from Real People for Increased ROI
Worthington, OH – 3/13/2017
As advertisers continue to struggle with disruption in the media world, including a decline in the use of traditional media, fake news, and bot fraud, Prosper Insights & Analytics™, a leading provider of business intelligence solutions, has released the Media Behaviors & Influence Study™ (MBI) for 2017. The data includes the responses of over 16,000 respondents and can be used to enlighten marketers by providing a unique consumer dimension. The MBI contains real consumers’ media consumption, including which media influences them to purchase, personality traits, and purchase intentions, and can be integrated with big data initiatives to enhance models to better target consumers. Continue reading →
It’s been five years since Best Buy unwittingly acquired the “showroom” moniker thanks to online-upstart-turned-serious-competitor Amazon.com. I’ve previously detailed the showroom showdown between the two electronics giants as well as Best Buy’s issues converting its shoppers into buyers. And since then, Best Buy has made concerted efforts to improve its profile among consumers by investing in customer service, updating the in-store experience (e.g. the Samsung Experience Shop), and promoting the Internet of Things (IoT) while minimizing the space out-of-date products waste on the sales floor (so long, digital cameras). Perhaps more importantly, though, Best Buy implemented a competitor price matching policy aimed at preventing shoppers from leaving stores (or abandoning its website) empty-handed. So how have consumers reacted to Best Buy’s changes? New analysis from Prosper Insights & Analytics’ monthly survey of more than 6,000 U.S. consumers nationwide reveals the progress Best Buy has made with shoppers over the past five years as well as the challenges that continue to haunt the electronics retailer in its battle with Amazon. Continue reading →
Consumer confidence continues to decline from December’s peak but February’s reading represents a 19% surge over last year. Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in on the evolving state of the US consumer in 2017. Continue reading…
Prosper Insights & Analytics™, a leading provider of business intelligence solutions, has released a new report available for purchase titled, “Prime Risk: A Retailer’s Guide to Understanding Amazon Prime Members.”
Over the past several years, as Amazon.com has grown its market share, loyal customer base, and product lineup, it seems that many competing retailers and brands underestimated – or were in complete denial of – Amazon’s impact on the retail industry and shifting shopping habits as consumers increasingly became comfortable purchasing online. Amazon is no longer an abstract digital pest for retailers – it’s a full-blown disruption to the industry as a whole. Shoppers, who are increasingly becoming Prime converts, LOVE the change, which in turn threatens the livelihood of every other retailer in the industry. As they gravitate toward Amazon in search of products, information, and other digital services, traditional retailers are left to compete for shrinking share of consumers’ wallets.
For retailers no longer in denial about the effect Amazon has had on both shoppers and the retail industry, this report is to serve as a guide to understanding Amazon Prime from the point of view of consumers, identifying which retailer shopper groups and formats are most at risk for losing customers to the Amazon vortex. Continue reading →
Consumer confidence cooled a bit in January, but stayed well above the 13 month average. What does it mean for spending? Deborah Weinswig, Managing Director of Fung Global Retail & Technology, weighs in, plus she takes a special look this month at how consumers feel overall about their personal financial security. Continue reading…