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  • Belgians’ purchasing power for food three times that of Poles
    • 07/10/18
    • Fashion and Lifestyle
    • Media and Entertainment
    • Retail
    • Technology
    • Automotive
    • Consumer Goods
    • Geomarketing
    • Geodata
    • Global
    • English

    Belgians’ purchasing power for food three times that of Poles

    GfK calculated the product-line purchasing power for 17 product groups in various European countries.

  • UK Consumer Confidence drops two points to -9 in June
    • 06/29/18
    • Market Opportunities and Innovation
    • Trends and Forecasting
    • Global
    • English

    UK Consumer Confidence drops two points to -9 in June

    Consumers in pre-Brexit UK are less confident about the economy and seem set on self-imposed austerity

  • German Consumer climate remains stable
    • 06/28/18
    • Press
    • Global
    • English

    German Consumer climate remains stable

    The trade conflict between the EU and the USA is intensifying and leaves a clear mark on the consumer mood in Germany in June. 

  • Map of the Month: Retail share of private consumption, Europe 2017
    • 06/26/18
    • Financial Services
    • Retail
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: Retail share of private consumption, Europe 2017

    European consumers spent 30.5% of their available funds for private consumption on brick-and-mortar retail in 2017.

  • How to win the world cup with price and promotions
    • 06/15/18
    • Media and Entertainment
    • Retail
    • Technology
    • Global
    • English

    How to win the world cup with price and promotions

    A major sporting event offers a fantastic opportunity for manufacturers and retailers to take advantage of an increase in Television viewing and general spending amongst fans. No other event offers a greater opportunity than the FIFA football world cup.

    The ‘World Cup’ effect

    With the tournament kicking off in Russia this month, May and June represent crucial months for sales in the UK TV market. Our forecast is that 814,000 TV’s will be sold in the UK over these two months – an increase of over 20% against the same period in 2017. To win the lion’s share of this opportunity, TV manufacturers and retailers are focusing hard on competitive pricing and promotional activity to entice shoppers.

    ‘Bigger and better’ line-up to combat falling unit sales

    World Cup themed promotions are very evident online, with a large number of major retailers pushing promotions and football themed messaging on both category and product web pages.

    In addition, many are focusing on premium ranges, with promotions of larger screen sizes (55+ inches) and the latest high-resolution technologies (4K/UHD), to bring the stadium atmosphere in to the living room. In a market that has been showing a steady decline in the number of units sold over the last years, this strategic focus on promoting higher-end products can deliver increased margin levels and profitability.

    Throughout May 2018, the average selling price (ASP) of a 55 inch 4K/UHD TV was over £1000. Although this is still a significant outlay for the consumer, it is 23% lower compared to last year. We have also seen similar ASP decreases with other screen sizes, such as the 43-49 inch category, which is, on average, 15% cheaper in May this year than a year ago.

    So overall, we are seeing a market focus on promoting higher specification units at a price that makes them a more affordable proposition for customers looking for an upgrade.

    Online specialist retailers leading the promotions field

    On the day of writing, the average TV retailer has 54% of its range on promotion. Within that, the online specialist retailers are showing the largest offers for UK shoppers, with retailers, on average, offering promotional cuts of 21%, whereas major high street retailers are offering 11%.

    Summary

    Discounts on larger screen TVs and the latest display technologies look set to bring the World Cup experience closer to home for UK football fans – but will more TV sales move online this month? And will World Cup promotions help to drive growth of over 20% against last year? Watch this space for our next update.

    To find out more, please contact Barry Meacher at Barry.Meacher@gfk.com or Daniel Wellman at Daniel.Wellman@gfk.com

    Source: GfK Online Pricing Intelligence (OPI) – May – June 2017 and 2018 and GfK’s ‘The World Cup & TV sales – What’s the real impact?’

  • GfK Health expert featured in British Journal of Dermatology
    • 06/06/18
    • Health
    • Global
    • English

    GfK Health expert featured in British Journal of Dermatology

    A multidimensional assessment of the burden of psoriasis: results from a multinational dermatologist and patient survey

  • Redefining forecasting
    • 06/05/18
    • Retail
    • Global
    • English

    Redefining forecasting

    The rapid evolution of technology combined with fast-changing consumer behavior means consumers, not retailers or manufacturers, are the driving force in today’s economy. They create the appetite for products, and shop for them using the very latest tech, making the traditional models of supply and demand redundant. So how can retailers and manufacturers ensure they get the right products in front of the right customers at the right time? Firstly, businesses must radically re-evaluate their approach to forward planning.

    Helping you predict future demand for your products

    In our customer centric economy, both brands and retailers must perfect the art of sales planning. The challenge is to accurately predict future demand of both existing and new products.

    Agility and adaptability are key. Armed with the right insights, businesses can predict consumer demand, and position themselves to meet the expectations of increasingly demanding consumers. We have three basic principles of forecasting:

    1. Continuitycontinuous, up to date forecasting

    To be accurate, forecasting needs to be a continuous process. Customers don’t stand still, and neither should your forecasting. For some industries, a daily flow of live information can deliver competitive advantage. Durables, which have no “expiry” dates are ideally suited to monthly insights. Updating forecasts monthly means they remain relevant and reflect the latest market situation. Market events such as sales promotions are reflected in these timely predictions.

    1. Accuracy – a solid foundation for forward planning

    The accuracy of your forecast will depend entirely on the quality of the data upon which it is based. Shipment data or expert interviews, which have traditionally formed the basis of forecasts, have little to offer by way of accuracy as they are typically biased and don’t reflect actual demand.

    Basing forecasts on real sales data has a transformative effect on the reliability of the predictions. Objective, up-to-date data combined with ongoing monitoring represents best-in-class forecasting.

    1. Granularity – getting the right level of detail

    The ideal forecasting solution offers scalability and flexibility, from overall country and product group coverage to price band and channel. You want both big picture and more detailed information. Using point-of-sales data enables you to enjoy the best of both worlds. This breadth of data provides the opportunity to uncover the growth opportunities, even in the most challenging markets, for instance in static or declining sectors.

    We believe that forecasting needs to have enough flexibility to offer the correct level of detail required to uncover the hidden growth opportunities.

    Summary

    With technology and consumer behavior changing at such a rapid rate, success depends upon the ability to anticipate and respond to future consumer demand. Empowered with this information, businesses that are agile and flexible have the best chance of fulfilling those demands. Continuous, accurate and objective forecasting data will be key to success.

    Choosing the right forecasting can be the difference between success and failure.

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  • Redefining forecasting
    • 06/05/18
    • Retail
    • Technology
    • Trends and Forecasting
    • Global
    • English

    Redefining forecasting

    Download our whitepaper and discover the three most important factors for spot-on forecasting: continuity, accuracy, and granularity. It’s your guide to getting it right. 

  • In the fourth industrial revolution, customers remain king. What about workers?
    • 06/05/18
    • Technology
    • Trends and Forecasting
    • Global
    • English

    In the fourth industrial revolution, customers remain king. What about workers?

    There is no doubt we are in the midst of a fourth industrial revolution – one in which digital technology is more than just an accessory. We are past simply talking about the internet as a business enabler; instead, we are seeing the lines between the physical, biological, and digital worlds begin to blur. AI and automation are being integrated into the very fabric of our lives, as workers and consumers, such that we may not know when we are talking to a real person on the phone as in the case of Google Duplex, or whether the competition for our next job is human or android.

    This is also a time marked by hugely accelerated change. Twenty years ago, smartphones and social media did not exist, and “digital targeting” was something you did in a video game. (Who remembers “Monkey Ball”?) There is no sign that this speed of revolution will let up.

    According to research by GfK Consumer Life, many Americans agree that change is good, and that we need more of it – a sentiment that has dramatically increased since 2011. Technology is boosting efficiency and productivity, giving employees room to focus on more valuable tasks; but it can also be so effective that it makes humans expendable. Many of the jobs our children will hold do not exist yet; and many of today’s jobs are destined to become obsolete. Some argue however that AI will generate more jobs than it will kill.

    So how can we prepare for this uncertain future, as workers and concerned consumers?

    New generations, new expectations

    At the World Economic Forum this year, Alibaba founder Jack Ma stressed the values of creativity and emotional IQ as critical to human success when competing with machines for the jobs of tomorrow. A new focus on future education and training will also be critical to prepare workers; this means re-training and re-skilling the current workforce to ready them for the changing environment.

    There is also no doubt that the workforce itself will be much different from today. Looking at the youngest segment of American consumers – known alternately as the Now Generation, post-Millennials, Gen Z, Centennials, or the iGen – we see that these future employees represent the most diverse generation in US history (according to the US Census Bureau).

    Compared to Millennials when they were the same age, this young generation is also highly ambitious. Being creative and imaginative is one of their core values, and technology is seamlessly embedded in their everyday lives. This means that they are tailor made for the flexible workplace, whether its self-motivated entrepreneurship or working at a distance for a traditional company.

    According to GfK MRI research, roughly 12.9 million US employees (employed either full or part time) report working primarily from a home office – up from 10.7 million just a decade ago. And GfK Consumer Life data shows that roughly 1 in 2 Americans want to work for themselves, with some of the prime reasons including the ability to be one’s own boss and flexibility in schedule and location.

    But this flexibility may come at a price – a loss in job security. We might see more companies leverage AI to match employees with gig jobs in real time; platforms like Working Not Working  already match freelancers and creative talent for various assignments. But there are often no benefits and no guarantees about tomorrow with such situations.

    When workers become consumers

    As consumers, we can now be targeted with offers so specific to our needs that we wonder if Google and Facebook can read our minds. Customization is no longer a perk, but a must-have, and consumers today are empowered to find the right products at the right prices as never before. Over 60% of Americans say they spend quite a lot of time researching brands before making a major purchase, thanks to real-time access to product information.

    AI and robotics will continue to streamline the processes that deliver speed and value to consumers – and put growing pressure on traditional retailers to compete on price, convenience, and customer service. This may mean that there will be fewer of the retail jobs we already know, but also potentially a variety of opportunities that we cannot yet imagine.

    The streamlining of tech devices working together to deliver seamless experiences is also something we might see replicated in the way businesses operate, with an increase in partnerships and collaboration to create new, unique consumer experiences. As digital devices enable communication in more and more ways, the hurdles that prevent co-working will slowly disappear.

    This even applies to intercontinental business. Internationalism – learning about other people, cultures and equality – is among the differentiating values for the youngest consumers (the Now Generation), when compared to Millennials at the same life stage. Working with people in different cultures, environments and time zones will be a huge benefit for tomorrow’s workers – and likely a source of added competition in some cases.

    The worry factor

    In all of this, a key factor for workers and consumers is privacy. As news reports of hacked corporate databases have mounted, anxiety among digital consumers has grown. The youngest generations are by far the most concerned about the security of their personal information – and, perhaps in a related point, also more environmentally conscious. Doing things the right way will be a must for companies that want to earn and keep consumer trust; these concerns will be every employee’s responsibility in workplaces of tomorrow.

    So where is this fourth industrial revolution leading us? Today’s world is just the tip of the iceberg – but it is surely an exciting time to see technology and its effects on many areas of our lives, as products and business models become more fluid. Consumers remain king – but workers may not always get the royal treatment. As employers and employees, we need to be sure we see tomorrow as clearly as possible – and start to take action today!

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  • GfK rises in ranking of innovative MRX companies
    • 05/31/18
    • Technology
    • Consumer Panels
    • Trends and Forecasting
    • Global
    • English

    GfK rises in ranking of innovative MRX companies

    GfK has once again placed among the most innovative market research firms, according to an annual ranking published by the American Marketing Association’s New York chapter.

  • UK Consumer Confidence rises two points to -7 in May
    • 05/31/18
    • Retail
    • Market Opportunities and Innovation
    • Shopper
    • Trends and Forecasting
    • Global
    • English

    UK Consumer Confidence rises two points to -7 in May

    Contrasting views on personal finances versus the wider UK economy continue to keep GfK's overall Consumer Confidence Index Score in negative territory.

  • Map of the Month: Fashion’s share of retail turnover, Europe 2017
    • 05/24/18
    • Fashion and Lifestyle
    • Retail
    • Geomarketing
    • Geodata
    • Picture of the month
    • Global
    • English

    Map of the Month: Fashion’s share of retail turnover, Europe 2017

    The fashion segment enjoyed a 13.5% share of the EU-28's total stationary retail turnover in 2017.

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