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Predicting Consumer Confidence Using Social Media Data

Observed Personal Data Economic Development

The Data

Coosto is a for-profit social media analytics company. The Netherland's Central Bureau for Statistics (CBS) used Coosto to research consumer sentiment. Piet Daas, methodologist and data scientist at the CBS, explains: “Because the volume of messages on social media is rising, it’s becoming relatively easy to conduct (market) research on a large scale with Coosto. At Central Bureau for Statistics, we’ve analyzed the sentiment of online messages to gain insight into the consumer confidence.”

How the data was shared

Since Coosto is a for-profit company most of their internal procedures remain inscrutable. However, customers, like the Central Bureau for Statistics, are able to access Coosto's social media monitoring capabilities to gain an understanding of market and consumer sentiments. In this case Coosto's results were paired with the consumer confidence data of the CBS.

Purpose of Data Shared

This collaborative found that "the sentiment on social media is coherent with consumer confidence. The correlation: 0.88." As Piet Daas explains "The power of big data is that the information is accessible in real time. Results are available very quickly. Substantial data is an essential addition to current sample surveys. We expect that social media analysis is getting more and more important in the future and will be used more widely.”

Region: Europe and Central Asia

includes kosovo