USING GOOGLE TRENDS FOR FORECASTING: OVERVIEW AND APPLICATION FOR RETAIL SALES FORECASTING

ИСПОЛЬЗОВАНИЕ GOOGLE TRENDS ДЛЯ ПРОГНОЗИРОВАНИЯ: ОБЗОР И ПРИМЕНЕНИЕ ДЛЯ ПРОГНОЗИРОВАНИЯ РОЗНИЧНЫХ ПРОДАЖ

Zubarev, Andrey (Зубарев, Андрей) and Golovanova, Elizaveta (Голованова, Елизавета)
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Zubarev, Andrey (Зубарев, Андрей): The Russian Presidential Academy of National Economy and Public Administration
Golovanova, Elizaveta (Голованова, Елизавета): The Russian Presidential Academy of National Economy and Public Administration

Working Papers from Russian Presidential Academy of National Economy and Public Administration

Abstract: Due to the growing popularity of the Internet, many purchases are made in online stores. The Google Trends service collects data based on user requests and breaks them down into categories. In this paper, we review the existing forecasting methods using this service, and make an attempt to predict the dynamics of retail sales using macroeconomic variables and categories in Google Trends corresponding to various commodity groups of food and non-food products. For each type of retail, we build the best predictive models from macroeconomic variables and try to improve them by adding trends.

Pages: 32 pages
Date: 2021-12-14
New Economics Papers: this item is included in nep-pay
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Persistent link: https://EconPapers.repec.org/RePEc:rnp:wpaper:w20220148

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