Following the completion of Phase 1, consortium members will have a complete understanding of the overall condition of the US consumer, as well as how it impacts their businesses. Phase 2 of the project will measure the evolution of the consumer through 2010 and into early 2011 and offer consortium members a dynamic view of the future.
Phase 2 will consist of three updates conducted every 6 months to measure changes in consumer needs, attitudes and behaviors.
- Data will be collected from 12,000 households every 6 months to provide for effective refinement of consumer strategies.
- Economic performance models will be conducted to measure changes in consumer sentiment and outlook on needs and attitudes.
- Updates of consumption and brand-specific price elasticities and promotional response models will be conducted to measure changes in shopping behavior, price sensitivity and promotional response.
- The consumer strategy framework will be updated based on overall changes in economic performance, consumer needs, attitudes and behaviors.
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