As 2022 draws to a close, let’s look back at our predictions for the year and see where we got it right, wrong, or somewhere in between. This year came with many unexpected events, including the war between Russia and Ukraine, economic downturns, and rampant inflation which have all influenced our industry in some way or another. However, we are focusing on market research-related trends. Here are the final grades for our predictions:
Admittedly, this would have been a hard one to get wrong. In the past few years, our industry has seen a slew of mergers and acquisitions from firms both big and small. The trend has continued in 2022 and (not to jump the gun) is expected to continue in 2023. Some of the most notable mergers and acquisitions we have seen this year include Dynata acquiring Branded Research, Sermo acquiring Charter Oak, Press Ganey purchasing Forsta, and Information Resources Inc. (IRI) merging with The NPD Group.
COVID has impacted every type of research in one way or another, but brand trackers have been one of the more challenging types of research to stay on top of insights. We predicted that 2022 would be a major year for brands and organizations to rethink their tracking studies due to the rapid and extreme changes in consumer behavior since the pandemic hit. For the most part, this reshaping of trackers has occurred with new options for those looking to adjust their studies.
When we made this prediction, we were expecting to see more states acting on data privacy legislation, as California had done with CCPA. While there have only been a few states that have passed privacy laws, the industry has done a good job of affecting policy at the state level to ensure the insights industry does not have their hands tied by new laws. For example, there have been huge attempts at federal legislation by members of Congress, while the Insights Association has helped create Privacy for America, a coalition to advance a federal privacy law. We had a great conversation with Howard Feinberg, market research’s advocate on Capitol Hill, about his advocacy for market research in terms of data privacy on Intellicast.
According to our research on research, more than half of people are extremely concerned about current and future inflation, and market research has been no exception. We anticipated the industry would see a 10-15% increase in pricing to cover rising costs, and we gave ourselves an A because prices are currently up about 10%.
We predicted that remote and hybrid working models would become increasingly popular this year, and we weren’t wrong. Our own team at EMI had the pleasure of enjoying its first full year of being back in the office together, while many companies around the globe have adopted hybrid or exclusively remote working models. We love the balance of in-person and remote working and are pleased to have had the chance to see so many of our colleagues at in-person conferences and client visits!
Overall, our predictions weren’t perfect, and the industry always keeps us on our toes. Stay tuned for our predictions for 2023, as well as interesting conversations and insights along the way.