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First Peek at the 1996 Data
MacroMonitor Marketing Report
March 1997
Vol. III, No. 1
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Perhaps the most important finding from the new data is not in the data at all. The overall response rate for the 1996 data has increased significantly from 41% in 1994 to 45% in 1996. Also, the item nonresponse for virtually every financial product has gone down—in most instances a significant amount. At the same time, response rates for most market research, public opinion, telephone, and direct mail solicitation are declining. The implication is that consumers have a growing interest in their financial services. They want to learn more. The graphic above shows consumer interest in a number of topics. Other important findings follow:
- Interest and participation in retirement products and planning continue to increase, driven primarily by the Boomers' demographics and increased media attention.
- Led by mutual funds, investment activity outside qualified plans continues to grow, with additional activity in wrap fee accounts and electronic investment.
- Use of credit products is growing, with significant increases in home equity credit lines and credit cards as consumers concentrate and attempt to control their debt.
- For the first time in more than a decade, household incidence of life insurance use appears to be increasing, while most forms of property/casualty insurance continue to grow.
- Overall, health insurance remains static, although consumers continue to shift toward HMOs and PPOs from comprehensive and major medical.
- PC ownership and use for financial services is growing along with other electronic transaction products such as ATM and especially debit cards.
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