Initial data from GfK’s newly launched tire retail panel in the US shows a 5.6% decline in store sales year over year, with a startling 26% drop in purchases of winter tires.
Traditional market research is dying. The future of research involves constant testing and developing research approaches using tools such as voice and text analysis, artificial intelligence (AI) and behavioural economics, to name a few. Read all about the future of market research in our Future of Research series!
With the unfortunate frequency of personal information hacks, are today’s shoppers still concerned about the safety of mobile payments? While the average consumer may be worried about their personal information from mobile payments, Leading Edge Consumers (LECs) seem to have a more positive outlook.
Today’s shopper journey can include a host of touchpoints – online, in-store, and in between. But what are the most important touchpoints for shoppers in the new omnichannel world? And how do they differ from category to category?
Shoppers today are greatly expanding their use of phones and social networks to find the best deals on their favorite products. But is that improving their shopper experience? Take a look at our infographic, based on the latest FutureBuy® data, to find out.
GfK’s annual FutureBuy study keeps you up to speed on today’s shopper experience, tracking essential trends such as omnichannel shopping, mobile purchase, "showrooming," and "webrooming."
GfK’s latest FutureBuy® report provides dramatic evidence of the growing important of omnichannel shopping, with US shoppers embracing omnichannel strategies for buying essential consumables.
Retail store closings in the US are making almost daily headlines with no projection of slowing down. What is going on here? Has the rise of online shopping finally tipped physical retail down a pathway of inevitable decline to eventual oblivion? The real story is not that simple, considering that nearly 90% of goods purchased in the U.S. are still purchased in a physical store, “oblivion” looks to be a long way off.
Once upon a time, a car was the ultimate status symbol. But rather than being a sign of the ‘good life’, consumers today increasingly see cars as functional objects. In a recent survey, 40% of consumers told us that cars are merely a means of transport.
Last step of the innovation journey – Listen to your consumers! Adding voice analytics to your concept testing will reveal the real emotions behind your new product.
How can your brand move forward in the innovation process and develop the right ideas? It is essential to co-create with your customers to develop and explore concepts.
If you have renewed your motor insurance recently you may have noticed that the price your insurer has asked you to pay has probably increased. A combination of higher Insurance Premium Tax (rates have doubled over the past two years), bigger injury pay-outs and rising vehicle repair costs mean that motor insurance prices are now at an all-time high.
Even for those of us savvy enough to shop around and switch provider, prices have also typically risen, despite the fact that the market remains as competitive as ever. However, it still generally pays to switch, as the vast majority of motor insurance providers are still willing to chase new business and therefore many still offer introductory discounts.
Given this, it is somewhat concerning that, according to GfK’s Financial Research Survey (FRS), that the number of drivers who do switch has remained basically unchanged compared to four years ago.
The number has held steady at around a quarter of drivers. So it would seem that many drivers don’t know, don’t consider, or just can’t be bothered, to change provider, despite the rising prices.
But there are tentative signs that this might be changing. Since April 2017, insurance providers have had to disclose prior year premiums on renewal notices. These new rules mandated by the FCA allow customers to compare more easily what they paid last year versus what they may pay this year, if they remain with the same provider.
Early signs suggest renewal transparency has helped encourage greater levels of shopping around but this hasn’t so far translated into actual switching.
According to the FRS, the proportion of drivers who “actively renew” their motor insurance (renew but take out at least one quote) has grown and now stands at 29%, the highest-ever level. In addition, a high proportion of those who have switched in the last 12 months also state that they are likely to switch again.
On the other hand, large numbers are still auto-renewing on their motor insurance, particularly across older age groups where auto renewal rates remain stubbornly high at over 45%. For these customers, renewal transparency rules mean that providers must now also include additional disclosures on renewal notices explicitly encouraging people to shop around.
Overall, I think renewal transparency has definitely been a useful step forward in making the motor insurance market more consumer friendly, and it will be interesting to see if it helps encourage greater levels of switching in the months ahead.
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