Note:This post originally ran on iStrategy Blog , and is republished here with permission.
Online consumers love to share their opinions with each other on the things they buy. Savvy shoppers have always turned to this public feedback for guidance, but since more and more word of mouth data has been digitized, archived, and analyzed, companies are now able to rely on it for their own guidance. In the last year alone, our research has distilled tens of millions of consumer data points into a strikingly clear picture of today’s consumers. Here are ten of the most interesting things we’ve learned in the process.
1. Language is price-sensitive
Consumers talk about price more during economic downturns. They mention “price” in their online feedback more often when the Consumer Confidence Index is low (-.66 correlation), as well as when the Dow Jones Industrial average is low (-.68 correlation).
2. Proximity, purchasing power don’t predict sentiment