In class today we were suppose to choose a market research report which had been previously completed and analyze the data in order to see if we could somewhat understand and further explain the results. For this project I chose to do the research completed that studied, Affluent Customers in the New Economy: Food and Foodservice that was compiled by the company Packaged Facts in July 2009. The report was created to show how affluent customers (families who earn $100,000 or more per year) are likely to spend their money in the food sector, as well as where, in these times of economic hardship. The report seems to suggest that even in these times of a lesser economy, or perhaps even because of these times, that the average affluent customer is spending more money on organic and local produce and protein products as well as becoming more health conscious in general. The places where these customers are purchasing their food products is also changing with Trader Joe’s and other specialty ‘local’ stores with their exotic product and value-priced store brands.
The research that was conducted by the company was that of basic research, they compiled the information so that the general knowledge would be available to whomever may need/want it but not to solve a particular problem of their own. The company seems to have used mostly descriptive research in their study, both that of their own from previous studies they have completed and those of Experian Simmons (New York, NY) in its Winter 2008/09 National Consumer Study that ran from July 2008 through March 2009. Because they used these previous reports from both themselves and also Experian Simmons, the data would be considered secondary and more than likely would also be considered cross-sectional seeing as it was compiled and analyzed in a short period of time and not over the course of years.
