Consumer Problem Survey Report I
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 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 that belong to one of nine different categories (e.g., Finance, Health, Social, Communication, Transportation, Personal Care, Attire, Work-Life, and Home-Housing). 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.
Key findings from the Q4 2013 CPSs are highlighted below:
- Work-Life and Housing problems are the most top-of-mind for consumers
- Consumers have many problems for which they do not see a solution.
- Roughly 40% of consumers have had their most pressing problem for longer than one year.
- Consumers seek higher quality and more features in their new solutions.
- Most consumers plan to switch brands to solve a recurring problem.