The art of determining consumer preferences has taken on new meaning and a new sense of urgency when it comes to marketing and manufacturing in the age of the internet!
Data analytics as it relates to consumer behavior has entered the 21st century in a big way, as algorithms and other processes take raw consumer data and convert it into a form that manufacturers and retailers can use in their critical decision-making.
In other words, nailing down what consumers can impact everything that a business may choose to do?
To quote Erasmus, when it comes to information and the spending of what can be scarce resources ‘in the land of the blind, the one-eyed man is king!’
Interactive Consumer Home Remodeling Preferences From 1993-2017!
In an interesting study from the Joint Center for Housing Studies of Harvard University, the data showed that ‘…homeowner improvement expenditures by project type shows that spending for exterior replacements (including roofing, siding, windows, and doors), interior replacements (including flooring, paneling, ceiling, and insulation), and replacements of systems and equipment (including plumbing, electrical, HVAC, and appliances) more than doubled in real terms from $55 billion in 1995 to $111 billion in 2017…’
The chart and the information that it provides is fascinating, and it can be found in the article ‘INTERACTIVE: HOW DO HOMEOWNERS SPEND THEIR REMODELING DOLLARS?, here.
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