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

• Published in: Technological forecasting & social change Vol. 86; no. -; pp. 237 - 253
• Main Authors: Jun, Seung-Pyo, Park, Do-Hyung, Yeom, Jaeho
• Format: Journal Article
• Language: English
• Published: New York Elsevier Inc 01.07.2014; Elsevier Science Ltd
• Subjects: Attitudes; Attribute in selection; Big data; Brand preferences; Cognitive Dissonance; Consumer attitude; Consumer attitudes; Consumer search index; Consumers; Demand forecasting; Econometrics; Effectiveness studies; Forecasting; Google Insights; Information retrieval; Researcher Subject Relations; Search engines; Search traffic; Texas; Traffic; Traffic flow; Consumer attitude; Attribute in selection; Demand forecasting; Search traffic; Big data; Consumer search index; Google Insights
• ISSN: 0040-1625; 1873-5509
• DOI: 10.1016/j.techfore.2013.10.021

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. •Search traffic makes it possible to analyze the distribution of product attributes.•Analysis of key product attributes using search traffic enables demand forecasting.•Search traffic provides an effective method of examining cognitive dissonance.•Using survey & search traffic simultaneously is effective in consumer research.•Search traffic facilitates the development of econometric models.