Prosper Partners for Consumer Confidence Index

US-based Prosper Insights & Analytics and e-forecasting.com have teamed up to launch a predictive analytics measure, New Consumer Confidence (NCC).

e-forecasting uses proprietary, real-time economic indicators to produce customized predictive analytics solutions and forecasts of the economic environment; while Prosper focuses on consumer intent analysis for the financial services, marketing technology and retail industries - using a combination of economic, behavioral and attitudinal data.

The service builds on Prosper's monthly consumer sentiment survey, which it describes as 'the largest in scope and size in the US'. 'Calibrated' confidence data from this is fed into e-forecasting.com's econometric models to predict the performance of the US economy more than six months in advance.

The headline NCC consumer confidence measure, which is 100 when growth is nil, decreased 0.1 percentage points in both September and October and now stands at 109.9.

Prosper CEO Gary Drenik says the service will help retailers and brands with business planning, while durable goods manufacturers and sellers can benefit from a greater understanding of consumer purchase intentions over the next six months for sectors including autos, appliances, electronics and homes. Results can be analysed by gender, age and/or geographic region. Evangelos Otto Simos, Professor at the University of New Hampshire and Predictive Analytics Database Editor for e-forecasting.com, points to one highlight of the current results: 'In October, the consumer intentions index for purchasing cars is 14% higher than last October'.

The partners are online at www.prosperinsights.com and www.e-forecasting.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.