AI won’t replace market research. But it will expose weak strategy
Much of the broader conversation around AI in market research assumes conditions that do not consistently exist across many African markets, writes Soyinka Witness.
SHOPPING TRENDS
Changes in shopping habits due to New Zealand’s lockdown
By our News Team | 2021
Home cooking, digital downloads and online shopping shoot up during NZ’s current lockdown. But bakeries and cafes take a hit.
Data from banking giant Westpac NZ shows a dramatic change in spending habits by New Zealanders in the first fortnight of the country’s current lockdown.
Home meal kits and digital downloads were in hot demand as households readjusted to life within their own four walls. In contrast, shops such as bakeries and fast-food stores saw a massive drop off in business.
Westpac NZ Chief Experience Officer, Oliver Lynch, says New Zealanders aren’t just spending money on different things than before, they’re also spending at different times of the day.
“Transaction levels between 10pm and midnight have been 61% lower than usual during lockdown, which reflects we’re not going out and socialising with friends, or perhaps that we’re just getting to bed earlier for a good night’s sleep,” Lynch says.
Spending on downloaded content doubles
“Spending on downloaded content from companies like Apple and Amazon as a proportion of all spending has more than doubled from 2.3% to 5%, while the share of transactions at specialty food markets and home-meal kit companies are up from 1.8% to 3.1%, a 72% increase in share.
“In other words, Kiwis are reading, binge-watching and cooking up a storm.”
Purchases were down 99% at bakeries and 97% at fast-food retailers, with vending machines making up much of the remaining spending. Transactions at building supply companies and service stations also dropped by 82% and 57% from their pre-lockdown levels respectively.
Supermarket spending accounted for 22% of all transactions – up from 16% in pre-lockdown times. “It’s clear that many small businesses like bakeries and cafes have been hit hard by the latest lockdown,” Lynch noted.
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