The possibility of using search traffic information to explore consumer product attitudes and forecast consumer preference

Seung-Pyo Jun, Do-Hyung Park and Jaeho Yeom

Technological Forecasting and Social Change, 2014, vol. 86, issue C, 237-253

Abstract: In recent years, many researchers have devoted their attention to using search traffic information gathered from Google Insights to carry out consumer attitude research. The purpose of this study is to assess the effectiveness of using search traffic information to analyze actual consumer attitudes regarding a product. By comparing the results of conventional survey-based attitude research with the results of search traffic information, this study reveals that search traffic information indicates consumers' level of interest regarding a product, the product attributes that they are considering, and the importance of each attribute to them. Also, it demonstrates the potential benefits of search traffic analysis, which can be useful for forecasting consumer preferences regarding products. Focusing on the Prius, a hybrid car, this study shows that search traffic information serves as an accurate indicator of consumer attitudes, and even succeeds in identifying consumers' hidden attitudes toward the Prius, which can be explained by cognitive dissonance theory. Finally, this study utilizes search traffic information to forecast changes in consumer attitudes and to develop an econometric model of consumer demand for the Prius by incorporating environmental variables such as the WTI (West Texas Intermediate) price. This study concludes that search traffic information offers new potential advantages, in that it not only overcomes the limitations imposed by the high cost of conducting surveys, in terms of money and time, but also helps to reduce the distortions caused by conscious or unconscious errors committed by survey respondents.

Keywords: Search traffic; Google Insights; Big data; Consumer attitude; Attribute in selection; Demand forecasting; Consumer search index (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (19)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:86:y:2014:i:c:p:237-253

DOI: 10.1016/j.techfore.2013.10.021

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