Consumer Snapshot - March 2014

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Consumer Snapshot - March 2014

  1. 1. www.ProsperDiscovery.com Consumer Snapshot march 2014
  2. 2. © 2014, Prosper®www.ProsperDiscovery.com sentiment strategy march 2014 Disclaimer: Prosper Business Development and its affiliated companies (“Prosper”) make no warranties, either expressed or implied, concerning: data gathered or obtained from any source; the present or future methodology employed in producing the statistics; or the data and estimates represent only the opinion of Prosper and reliance thereon and use thereof shall be at the user’s own risk. shopper services
  3. 3. © 2014, Prosper®www.ProsperDiscovery.com sentiment Source: Monthly Consumer Survey consumer confidence up-down pattern of sentiment continues with 40.7% confident in chances for a strong economy, up slightly from February’s 38.2% very confident/confident in chances for a strong economy {adults 18+} 13 month summary confidence appears to have bounced back from the 13 month low seen in October (thanks to the government shutdown), but consumers aren’t optimistic enough to push this indicator beyond their 40% “comfort zone” 37.5% 28.3% 40.7% 20% 25% 30% 35% 40% 45%
  4. 4. © 2014, Prosper®www.ProsperDiscovery.com sentiment Source: Monthly Consumer Survey very confident/confident in chances for a strong economy {adults 18+} glass half full confidence recorded this month is the highest reading for March since the recession, but remains 13% below pre- recession Mar-07 (46.9%) consumer confidence up-down pattern of sentiment continues with 40.7% confident in chances for a strong economy, up slightly from February’s 38.2% 13 month summary confidence appears to have bounced back from the 13 month low seen in October (thanks to the government shutdown), but consumers aren’t optimistic enough to push this indicator beyond their 40% “comfort zone” 46.9% 37.5% 40.7% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
  5. 5. © 2014, Prosper®www.ProsperDiscovery.com strategy Source: Monthly Consumer Survey practicality & focus on needs {adults 18+} spring in consumer spending? practicality toward purchasing (42.7%) decreases slightly from February (44.4%) year-over-year, pragmatic purchase intentions are down 10% fewer than half (46.2%) indicate they are zeroing in on just what they need when at the store, down 5+ points from February and the lowest reading since Q3 2007 focus necessities drops in March 47.6% 42.7% 54.2% 46.2% 30% 35% 40% 45% 50% 55% 60% I have become more practical and realistic in my purchases I focus more on what I NEED rather than what I WANT with increasing confidence and decreasing practicality, consumers seem poised to spend as we approach Q2 so what does this mean? however, look for smart shopping strategies to remain intact
  6. 6. © 2014, Prosper®www.ProsperDiscovery.com shopper services Source: Monthly Consumer Survey how important are the following services when shopping online? {“very important” or “important”} low prices trump free shipping when shopping online eight in ten look for flexible return policies and easy to use website when shopping online 90.4% 87.1% 81.3% 79.5% 63.7% 56.2% 0% 20% 40% 60% 80% 100% Low Prices Free Shipping Flexible Return Policy Website Easy to Use Pick up or return at store Toll Free "Live"Customer Service Person Adults 18+
  7. 7. © 2014, Prosper®www.ProsperDiscovery.com shopper services Source: Monthly Consumer Survey how important are the following services when shopping online? {“very important” or “important”} low prices trump free shipping when shopping online eight in ten look for flexible return policies and easy to use website when shopping online 75% 80% 85% 90% 95% Adults 18+ Millennials Gen X Boomers Silent Low Prices Free Shipping Gen X-ers, Boomers look for low prices while Millennials are less likely to place importance on low prices and free shipping compared to average, the vast majority still find value in these services Key: Millennials (1983 – 1996), Gen X (1965 – 1982), Boomers (1946 – 1964), Silent (born pre-1946)
  8. 8. © 2014, Prosper®www.ProsperDiscovery.com shopper services Source: Monthly Consumer Survey how often do you research products online before purchasing them in person or in a store? {Millennials} low prices trump free shipping when shopping online eight in ten look for flexible return policies and easy to use website when shopping online Gen X-ers, Boomers look for low prices while Millennials are less likely to place importance on low prices and free shipping compared to average, the vast majority still find value in these services Key: Millennials (1983 – 1996), Gen X (1965 – 1982), Boomers (1946 – 1964), Silent (born pre-1946) 9 out of 10 Millennials research online as age increases, likelihood to research online decreases, perhaps explaining why older generations place more value on services to motivate them to buy online Regularly, 52.8% Occasionally, 38.2% Never, 9.1%
  9. 9. © 2014, Prosper®www.ProsperDiscovery.com thanks visit ______________________to access: Consumer Snapshot InsightCenter™ PowerPoint Slides …and more Pam Goodfellow Consumer Insights Director Prosper Insights & Analytics™ pam@goProsper.com ProsperDiscovery.com ConsumerSnapshot.com Messier 82 image source

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