Trends research is what it sounds like. It’s about identifying and analyzing patterns in data to predict future events, such as consumer behavior or business performance. Trend researchers use statistical methods to analyze historical information to determine whether there has been any change over time. Sometimes referred to as trend spotters, these analysts also look at other factors that may affect these changes, including economic conditions, demographics, technology, marketing strategies, etc.
What is a trend?
Some examples of trends include :
- Consumer spending on electronics continues to grow rapidly; however, the rate of growth appears to be slowing down. This could indicate a shift from high-end products toward lower cost items.
- The number of people who are overweight or obese continues to rise steadily. However, this trend seems to have leveled off recently.
- More consumers are using mobile devices for shopping online. In fact, more than half of all U.S. adults now shop online via their smartphone
How do you spot a trend?
Market research methods used by trend spotters are different. The 3 types of trend analysis for future development are:
- Trend spotting : This type of trend analysis looks at historical patterns and compares those patterns against future predictions. It’s also known as ‘forecasting’.
- Trend forecasting: This type of trend analysis predicts which direction a particular trend may be heading over the coming years.
- Trend interpretation: This type of trend analyses identifies the reasons behind a given trend.
Grounded Theory Analysis is another way to learn about trends. Grounded theory involves asking questions about why something happens instead of just describing what happened.
If you have any other questions about trends research, contact us!