What Are Consumers Willing to Cut in 2023?
As economic uncertainty looms, Americans are more cautious with their spending habits. Given rising costs and fears of recession, how are consumer purchasing habits changing? They are becoming savvier, utilizing coupons and shopping at discount stores.
The sixth wave of Provoke Insights' trends research determines which brand categories are on the chopping block due to these macro trends and which categories consumers will continue to purchase at the same rate. The study analyzed the impact of the economy on overall shopping behaviors.
Provoke Insights conducts a bi-annual study among 1,500 respondents, representative of the U.S. population. These valuable one-of-a-kind insights were developed for 12 industry-specific complimentary reports on the following topics:
- Beauty and skincare.
- Finance and the economy.
- Health and fitness.
- Home improvement.
The research was conducted among 1,500 Americans in the Spring of 2023.
Are Your Ad Dollars Reaching the Right Audience?
Daniel Research Group is a market research and consulting firm focused on developing custom market models and forecasts for clients. Market sizing and forecasting play a crucial role in shaping advertising decisions. By providing insights into the size and potential growth of a market, they help businesses understand the opportunities and challenges associated with their advertising strategies.
Targeting the right audience: Market sizing helps businesses identify their target audience by understanding the demographics, preferences, and behavior patterns of potential customers. This information allows advertisers to tailor their messaging and media selection to reach the most relevant audience segments.
Resource allocation: Market sizing and forecasting help businesses determine the size of the potential customer base and estimate the demand for their products or services. This information allows advertisers to allocate their advertising budget effectively and prioritize investment in markets that offer the highest growth potential and return on investment.
Media selection: Market sizing and forecasting assist advertisers in selecting the appropriate advertising channels and media mix. Understanding the size and characteristics of the target market helps determine which media platforms are most effective in reaching the desired audience. It also helps optimize media spending by identifying the channels that offer the highest reach and impact within the allocated budget.
Performance evaluation: Market sizing and forecasting serve as benchmarks for evaluating the success of advertising campaigns. By comparing the actual market performance with the projected forecasts, businesses can assess the effectiveness of their advertising strategies and make adjustments as needed.
To receive more information about our market sizing and forecasting services please click on this link.
Black Insights for Marketing and Understanding Black Culture in America
“Here’s the problem: In today’s culture, where diversity has become one of the drivers for inclusion, for market research, diversity is meant to cover a variety of ethnically homogeneous studies. But that rarely happens. Very few brands are investing in Black-designated research.”
– Adapted from “Let Me Explain Black Again.”
Learn from Pepper Miller, market researcher and Black American Subject-matter expert, as she delves into the foundational insights about Black culture – helping readers understand the importance of language, beliefs and behaviors related to Black culture.
Taking readers closer to the heart and soul of Black culture, Miller, addresses Black identity and language; the authentic realism of Black cyberspace; the importance of the Black church; connecting to the community in positive ways with Black media, grassroots events, authenticity and inclusive market research; and so much more.