Marketing Forecast from Ad-ology

Latinos have an especially significant impact on the market for household products, according to new research by Packaged Facts. In the past decade, Latino spending on household products grew at a rate nearly three times faster than that of other households. On average, Latino households are 40% larger than other households and are much more likely to use high volumes of a broad range of household products, with a strong preference for national brands over store brands.

According to The NPD Group, U.S. consumers continue to express their passion for photography by investing in cameras and accessories, neither of which shows sign of a slowdown in the growing detachable-lens camera market. While point-and-shoot camera sales experienced a 16% decline in revenue (January through July 2011) versus the prior year, sales of detachable lens cameras increased 14%. Overall revenues from camera accessories, excluding memory cards, have increased by 6% over 2010.

According to a new PriceGrabber survey, 53% of consumers will spend $50 or less on a Halloween costume this year. Twenty percent indicated that they will spend $50 or more and 18% plan to dress up their pets for Halloween. Of the overwhelming 72% of respondents who said they planned to decorate their homes this year, 70% will purchase their festive decor. The majority of consumers will shop at a combination of brick-and-mortar and online retailers.

Despite endless body care product introductions boasting claims of being long-lasting, non-greasy or effective on dry skin, a new Mintel report reveals that the majority of those who slather it on are not happy with the products they have to choose from. Among lotion-wearers, 79% wish hand and body lotion lasted longer, while nearly half often feel like they still have dry skin, even right after applying the lotion. All in all, some three in 10 people say they still have not found a product that works for them.

Retail has always been an industry with a high level of customer interaction, and as the economy continues to remain sluggish, it is more important than ever to provide a satisfying shopping experience. Good customer service is integral to sales. And it is no different for ecommerce, particularly as consumers remain cautious and need incentives to spend. In fact, a recent survey from Tealeaf finds that U.S. companies are losing the equivalent of 23% of their entire annual online revenue due to poor online customer experiences.

Ad-ology Research recently updated their Industry Marketing Insights report for Bicycle Shops. The following are the predicted Top 3 Opportunities/Challenges from the report for this industry for the upcoming 12 months: