2014 Q1 Consumer Problem Survey Report
On a monthly basis the Georgetown Institute for Consumer Research (GICR) asks consumers what problems they have and how they intend to use the market to help solve those problems. The findings from this survey are released monthly via press releases and quarterly via the Consumer Problem Survey Report (CPS Report).
GICR’s CPS is the only survey of its kind, focusing not on consumer behavior or sentiment, but on the problems that drive consumers to the marketplace to seek solutions. It tracks 256 common consumer problems, each of which belongs to one of nine different categories (i.e., Attire, Communication, Finance, Home-Housing, Health, Personal Care, Social, Transportation, and Work-Life).
By measuring and tracking the problems that trigger consumers to enter the marketplace in search of solutions, the CPS provides entirely new insights into when and how consumers are likely to enter the market to solve their problems.
Some of the Key findings from the last 6 months of data collection:
- Top-of-mind problems tell the story of aging. Importantly, they reveal a path to successfully marketing solutions to consumers before they have even encountered the problem.
- Work and Life problems are the most prevalent for the young, Home and Housing Problems are most prevalent for the old.
- The CPS problem data is predictive of consumers’ expenditure data as measured by the National Labor Bureau.
- An in depth analysis of the fitness problem subcategory reveals the deep insights that can be achieved through CPS Data.
- The overall measure of consumer problems plateaued in March after continual increases since October, likely reflecting the end of the holiday season and the and the polar vortex.
- The Internet dominates as an information search method, over 80% of consumers use an internet source as their primary source of collecting pre-purchase
- Demographic analysis reveals differences in the problems experienced by segments of consumers.