Question of the Day: When it comes to the cost of a car, research shows that most consumers focus on the ___________ payment during the car buying process.
Answer: Monthly
Questions:
Do you think the monthly payment captures how much the car will cost you? What else do you need to know to calculate the total cost?
Why do you think that most consumers focus on the monthly payment instead of the overall cost of the car?
When you stretch out the term of an auto loan (e.g., from 4 years to 7 years), what happens to the monthly payment? total interest paid on the loan?
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Question of the Day (Updated): Which Halloween item do consumers expect to spend the most on in 2020: Decorations, Candy or Costumes?
Answer: Costumes and Decorations are tied at $2.6 billion
Questions:
What are your plans for Halloween this year? How would you/your families spending differ from last year's Halloween?
Which spending category had the sharpest decline in 2020?
Would it surprise you to learn that Halloween is the second most popular holiday in terms of consumer spending? Why do you think it's so popular?
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Question of the Day: Can you name two of the top websites that used car buyers visit to research and shop?
Answer:
Questions:
What research have you done/will you do when you purchase a car?
How important do you think research is when buying a car? Explain.
When conducting research for used cars, what information should you be looking for?
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Behind the numbers (Cox Automotive 2020 Car Buyer Journey Survey):
Other statistics about used car buyers:
81% of used car buyers...
Question of the Day: How much money do consumers spend on the internet every 60 seconds?
Answer: $1 million
Questions:
Now that you know how much is spent in a minute on the internet, calculate how much is spent in...
an hour,
a day,
a month, and
a year.
How many of the activities in the visual do you engage with on the internet?
What impact do you think that Covid-19 has had on shopping on the internet? Do you think this will be a temporary or permanent shift?
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Behind the...
Question of the Day: How many of the top 10 best used cars under $5,000 can you name?
Note: This question was updated on 9/16/20.
Answer:
Questions:
How important is safety when it comes to the car you drive/expect to drive?
Would you purchase a less safe car if it cost $5,000 less than the higher safety car you were considering? Explain your answer.
What are the other factors that you will consider when buying your first used or new car?
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Behind the...
Question of the Day: What was the percentage increase in e-commerce retail sales in the April - June quarter compared to 2019?
Answer: 45%
Questions:
Are you/your family purchasing more online than you did last year?
What items are you purchasing online vs. purchasing in-store?
Do you think your purchasing behavior (online vs. in-store) will change post-coronavirus?
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Behind the numbers (Axios):
The big picture: Stuck at home for weeks on end, we turned to the internet and delivery to meet our...
Question of the Day (Updated): What is the average age of a car on the road today?
Answer: Almost 12 years
Questions:
What do you think goes into the decision to purchase a new car when you have a car that is working ok?
As cars age, what would you expect to happen with their maintenance costs?
What are the factors that you think determine the longevity of a car (i.e., how long a car can stay on the road)?
What are the pros/cons of owning the same car for 12 years?
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Question of the Day: Excluding rent or mortgage payments, what is the most expensive monthly bill paid by households?
Answer: Auto loans
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Questions
This research focused on bills that are paid by households. What other major costs would show up in a typical household budget?
4 of the 9 monthly bills have this word in them. What is it?
Which billing category above do you think families may be looking to reduce now?
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A great way to end the year is with our Salary-Based...
Question of the Day: What grocery item saw the sharpest price increase in April 2020: Eggs, Fruits and Veggies or Meats?
Answer: Eggs
Questions:
What normally is the cause of higher prices on grocery items? Why do you think prices rose so quickly in April?
How do you think consumers react when prices of certain grocery items go up? Do they stop buying them, buy less or still buy the same amount or more?
Do you anticipate these prices to continue to increase in the month ahead? Why or why not?
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Question of the Day: What's the most impactful purchase you have made recently for under $10?
By Tim Ranzetta
|
Apr 20, 2020
|
Question of the Day, Purchase Decisions, Behavioral Finance, Budgeting
Answers will vary.
Hat tip to Tim Ferris who asks this question of his podcast guests. Here’s a sampling of what a few celebrities said were the best thing they bought under $100:
The right backpack
$4 to park near a beautiful lake to take a swim
Good, plain, no-lined Moleskine notebook
A book for my son which we read together
Shirt that says “I can do all things”
Questions:
Was your purchase a “thing” or an experience?
What made this so impactful to you?...
Chart of the Week: Spending patterns in age of pandemic
Questions:
The data above is as of April 1st. What do you think the trends have been since that date for the various spending categories?
Why do you think that groceries saw a spike and then a sharp drop?
Which of the spending categories do you think will bounce back first?
From NY Times:
The coronavirus has profoundly altered daily life in America, ushering in sweeping upheavals to the U.S. economy. Among the most immediate effects of the crisis? Radical changes to how people...
Question of the Day: For each of these mobile apps, indicate whether they have been positively or negatively impacted by the coronavirus
Health and Fitness Apps
Travel app downloads
Grocery delivery apps
Music app downloads
Answers:
Health and Fitness Apps: Positive
Travel app downloads: Negative
Grocery delivery apps: Positive
Music app downloads: Slightly negative
Questions:
What apps have you recently downloaded while you and your family have been "sheltering in place?"
What apps are you using more frequently?
Do you think the increased popularity of these apps will continue after the coronavirus has passed? ...
Question of the Day: What grocery items have seen the largest increase in sales when compared to last year?
Answer:
Questions:
Which of these items has your family been buying this month?
How would you categorize these ten items into different groups?
How do you think the popularity of these items has affected their price? Do you think the cost has gone up or down?
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Behind the numbers (Time):
Nielsen’s data shows that last week, Americans bought an unusually large amount of...
Question of the Day [Updated]: What's the average monthly payment for a new car purchased in 2019?
Answer: $554
Questions:
When do you expect to buy your first car?
Will you buy new or used? Explain your answer.
Do you think that $554/month for a car payment is reasonable? Why or why not?
What is the trend in monthly payments for new cars over the last five years?
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Behind the numbers (Credit Karma):
Recent data indicates that new-car prices have gone up — by 2.3% from March...
QoD: What are the most popular "tricks" that shopping websites use to get us to buy more?
Answer:
Questions:
Which of the following tactics have you seen on websites?
Which of the top three "tricks" has the greatest impact on your behavior? Why?
Running out of the product..only 3 left in stock
Flash sale only available for the next hour
A celebrity you follow loves this product too...
Why do you think these tactics are so effective?
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Behind the numbers...
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