Consumer Attitudes & Behavior

April's consumer confidence metric didn't live up to the new benchmark established in March, when consumer confidence reached a 16-year high.   This month, the Index declined to 120.3 from 124.9 in March.  

Artificial intelligence (AI) is increasingly topping IT wish lists as a means of improving business decisions and providing personalization.   That’s according to a new report from PwC, “Bot.Me: A Revolutionary Partnership.” The study, surveyed consumers and business decision makers on AI’s impact in the business world, the evolution of AI acceptance by consumers and AI’s changing role in addressing socioeconomic issues.   

Digital shoppers enthusiasm for buying beauty products online doesn’t translate into retailer loyalty.    While online sellers of beauty and personal care products continue to capture more market share, online shopper loyalty seems to be elusive, according to report by A.T. Kearney.    

Much like 2016, the first quarter of 2017 has seen a slow start to consumer spending. However, just like last year, this is expected to be a temporary setback. Strong consumer confidence and income growth have set the stage for a spending bounce back in the second quarter.   

Whether treating mom to jewelry or a special outing at her favorite restaurant, consumers plan to spend more than ever on Mother’s Day.   Specifically, Mother’s Day shoppers are expected to spend an average of $186.39 for the holiday, up from last year’s $172.22, according to the National Retail Federation’s annual survey, which tapped 7,406 consumers about their Mother’s Day plans. The study was conducted by Prosper Insights & Analytics.  

For millennial shoppers, Victoria’s Secret is tops, followed by Sephora and Nike.   That’s according to a report from Conde Nast Inc. and Goldman Sachs Group Inc., which surveyed the popularity of brands among millennial shoppers, reported Bloomberg.   

The Harris Poll has released its 29th annual study of America’s top brands, and Kohl’s is one of the retail brands on top.   Kohl’s earned the top position in the department store category of the poll, in which more than 100,000 U.S. consumers assessed more than 4,000 brands across more than 450 categories.    Other retailers named as Brands of the Year included:     Luxury department store: Nordstrom  Off-price: TJ Maxx 

Global companies agree that innovation is critical to survival but not enough projects are successfully driving growth and increasing revenue.   Specifically, two-thirds (66%) of global organizations said innovation is crucial to their longevity, but only 28% are seeing returns on their investments (ROI), according to “Innovation Matters,” a report from PA Consulting Group. The report tapped 821 senior executives across C-level, senior VP, board and director level positions.