Predicting economic recovery
A BETTER MODEL FOR ECONOMIC FORECASTING DURING THE PANDEMIC
This Harvard Business Review article was published in November, 2020 and details our approach to Spend Monitoring & Forecasting.
Executive Summary
The Covid-19 pandemic presents a unique problem to economic forecasters — one that’s uniquely urgent to solve. As consumers’ needs, attitudes, and behaviors continue to rapidly change, how can forecasts accurately adapt to reflect them? The key is to build consumer sentiment into economic forecasting models. To do this, economists must marry credit- and debit-transaction data with ongoing qualitative data on consumer sentiment. This article presents an effective example of a model like this, which accurately predicted the spending habits of consumers in hard-hit sectors between April and June of 2020.
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About The Futurist Group
The Futurist Group helps identify what’s next in payments, using modern technology, frictionless consumer engagement, and intelligent analytics to provide answers to the most important and forward-looking questions about the future of payments. Dedicated to the financial services space, The Futurist Group was founded by an experienced team of professionals from consumer intelligence, fintech, banking, analytics, and payments.
About Pi-360
A proprietary Product Innovation Intelligence Platform that maps and analyzes the entire competitive landscape through the lens of ongoing and structured consumer reviews. Imagine knowing everything that you need to know about your competitor’s products, emerging innovation, and consumer needs without waiting for research.
Sources for this blog: The Futurist Group, Crunchbase, CNBC
