Check out predictions for this coming year from Provoke Insights, a full-service market research firm! Our conclusions for 2023 come from industry articles, blogs, government data, and our own observations. As inflation remains present and interest rates continue to rise, companies will need to re-focus their priorities in the next few quarters. 

One Research Project Needs to Answer Many Needs

Current economic strains have company earnings below expected projections. Research budgets may not be as robust as they have been in previous years. Research companies will need to think outside the box for creative solutions to make research go further. It will be imperative to tackle two objectives simultaneously and find cost-effective solutions to finding the appropriate sample. 

Tech Budgets are Slowing

The technology sector in the last few years has been on fire, especially during the pandemic’s peak. The rapid industry growth resulted in a need for several market research projects. However, that is not the case anymore. The intense need for technology has decreased as more people return in-store, in-office, going out, and traveling. As a result, this sector’s demand for research is not as strong as it has been previously.

New Sectors Take Center Stage

The United States’ commitment to rebuilding infrastructure and reducing the climate crisis has resulted in money funneling into construction and sustainability categories. Both areas will need research help to support the growth areas as expansion occurs. In addition, consumer-facing brands have the opportunity to focus on sustainability goals that may have taken a back seat during the pandemic. Brands will need research to understand the best approach to successfully implement these new initiatives.

The Need for Strategic Insights, Despite Automation

Automation has been a hot topic in the research field for the last few years. It’s been most commonly integrated into more and more market research tools to deliver the data and in helping to interpret the results. As this technology matures, we will see automation becoming more specialized.

However, as more research processes become automated, the need for data to tell a story and provide strategic direction is ever so important. You will need more than just robots to help with the research.

Researchers with strategic experience will be in high demand as they can uncover insight into the data through which AI sifts. Often researchers only create graphs and regurgitate the data. The need for storytellers to provide actionable results that answer business objectives is crucial.

Sampling Experts Needed

The days of “setting and forgetting” a survey in-field are over. Online survey tools allow for wider reach and quick turnarounds. Unfortunately, this opens up opportunities for bots to infiltrate, even if the survey software offers safeguards. Although many marketers may want to bring their research in-house as budgets are cut, many won’t have the bandwidth to implement the necessary quality checks while the survey is live. Research companies carefully comb through every respondent that comes in to ensure they qualify, answer questions thoughtfully, and do not rush through. These extra eyes on your survey will ensure you get accurate insights and actionable results. 

Evidence of climate change, government regulations, and consumer pressure have brought more sustainable products to the market. Fifty-seven percent of Americans now consider themselves environmentally conscious. However, what is the demand for green products? Are people who consider eco-friendly willing to pay more for sustainable products? In Provoke Insights’ fourth wave of in-house research, we set out to track consumer mindsets, purchasing trends, and how sustainability plays a role.

Who is Buying Sustainably?

Today 43% of Americans are willing to pay more for sustainable products. Interestingly, almost two-fifths (39%) of those who are environmentally conscious are not willing to open up their pockets for green products. Those willing to pay the extra cost are more likely to be vaccinated, optimistic about the future, Democrats, Millennials, and have children.

Inside the Mind of the Sustainable Shopper

While these shoppers tend to be more optimistic about the future, they still worry about COVID. They are more concerned about the economy and the health of themselves and their children are a priority. Additionally, these shoppers prefer to purchase from small businesses. Price is not a major factor in their purchasing decisions.

They Go Online to Find Sustainable Products

Although sustainable shoppers prefer to make purchases online, they rate the in-store experience favorably. They are more satisfied with the cleanliness of stores and customer service than non-sustainable shoppers. However, they tend to find item availability to be lacking since sustainable products are more niche. They are purchasing apparel, beauty supplies, and skincare products. Furthermore, sustainable shoppers are more loyal to their brands than those who are not willing to pay extra for green products. Almost three-fourths (74%) stick to brands they are familiar with.

Download the full report for free here.

Methodology

Provoke Insights conducted a 15-minute survey in the spring of 2022 among 1,500 Americans between the ages of 21 and 65. A random stratified sample methodology was used to ensure a high degree of representation of the U.S. population (household income, age, gender, geography, ethnicity, and children in the household). Statistical differences between subgroups were tested at a 95% confidence level. The margin of error is +/-2.5%.