Marketing research and insights news and information. This issue's keywords: innovation; Pinterest; newspaper circulation revenues; B2C social media; Asian-Americans
Consumers are willing to pay a premium for innovative goods and services according to a study from Chicago firm Lab42 shows that found that the perception of innovation is hugely important in consumers' purchasing decisions. The study also found that half of consumers say they bought a new product without fully understanding what it did or how it worked solely because they thought it was "cool."
More than half (52 percent) of Pinterest users say Pinterest plays a key role in their purchasing decisions according to a study by Pinterest and Millward Brown, Lisle, Ill. . Thirty-two percent went to purchase an item in store and 30 percent went to purchase something online as a result of viewing Pinterest content despite the fact that around a quarter of Pinterest users were unmotivated by Pinterest to go visit a retailer's Web site.
Global newspaper circulation revenues are larger than newspaper advertising revenues for the first time this century according to the World Press Trends survey released by the World Association of Newspapers and News Publishers.. Newspapers generated approximately $179 billion in circulation and advertising revenue in 2014, larger than the book publishing, music or film industries. Of that $179 billion, $92 billion came from print and digital circulation while $87 billion came from advertising. The survey also showed that newspaper advertising revenues are falling but circulation revenues are relatively stable.
Consumers attempt to contact businesses via social media but many find it difficult to get a response shows a study by the Northridge Group. About 25 percent of consumers say they turn to social media when other channels garner no response but roughly one-third of consumers who contact businesses via social media say they never receive a response. Sixty-three percent say they have to contact a brand at least two times over social media in order to get a response. Forty-two percent of consumers want a resolution within an hour when using social media but 39 percent say social media inquiries take at least a week to complete.
Insights from Nielsen's Asian-American consumer report show that Asian-American buying power increased 7 percent to $770 billion in 2014 and is expected to reach $1 trillion by 2018. It currently exceeds the economies of all but 18 countries worldwide. According to the report, Asian-Americans are 31 percent more likely than average to buy organic foods and are 23 percent more likely to evaluate the nutrition of products. The report also shows Asian-American households spend more on wine and kitchen appliances/gadgets used for cooking and are 140 percent more likely to purchase a bottle of wine worth $20 or more. They also spend 70 percent more than their average share on skin-care preparation products and 25 percent more on fragrances and are highly loyal to brands, spending more to guarantee they are of high-quality reputation and value. Lastly, 88 percent of Asian-Americans own credit cards, compared to 66 percent of the general population.
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