Consumer Problem Survey Report III
On a monthly basis the Georgetown Institute for Consumer Research (GICR) asks consumers what problems they plan to solve by going to the market. The findings from this survey are released monthly via press releases and quarterly via the Consumer Problem Survey Report (CPS Report). The CPS is the only survey of its kind, focusing not on consumer behavior or sentiment, but on the problems that consumers plan to solve via the marketplace. The CPS tracks 267 common consumer problems, each of which belongs to one of nine categories (i.e., Attire, Communication, Finance, Home-Housing, Health, Personal Care, Social, Transportation, and Work Life).
By measuring and tracking the problems that cause consumers to enter the marketplace in search of solutions, the CPS provides entirely new insights into when and how consumers are Some of the key findings from the CPS:
- The CPS finds consumers’ reports of transportation problems predicted increase in car sales.
- Only 43% of the problems consumers experience are solved within 6 months.
- Of those who do solve their problem with a purchase, most do so within a month.
- Of those who experience a problem that does unsolved, 14% report the problem went away on its own, BUT, the main reasons problems go unsolved are time and monetary constraints (68%).
- Reviews from web sites are used to identify the right solution, but most solutions are bought in person at a store.
- Men are more likely than women to use online purchases to solve their problems, and they spend significantly more money than women when purchasing online.
- CPS problem data correlates with business revenues and Google Trends data, suggesting that consumer behavior mirrors what is captured in the survey.