Combining Demand Intelligence & Consumer Spending Data in Academic Research

June 21, 2023

Dewey

In today's era of data-driven research, the ability to leverage multiple datasets and extract valuable insights holds immense potential. This blog post delves into the exciting possibilities that emerge when combining two powerful datasets: PredictHQ and SafeGraph Spend. By merging demand intelligence from PredictHQ with anonymized debit and credit card transaction data from SafeGraph Spend, researchers and academics can explore the impact of real-world events and natural disasters on nearby businesses. Let's explore five compelling use cases that exemplify the value of this combined dataset approach.

Research Topic #1: Unveiling the Impact of Large Events on Nearby Businesses

PredictHQ offers a reliable source of real-world events data, enabling researchers to anticipate and comprehend the influence of events on customer behavior. By integrating PredictHQ's event data with SafeGraph Spend, we can analyze how various event types at a venue affect spending patterns at neighboring businesses. Whether it pertains to a sports venue, fairgrounds, or a large event center, gaining insights into the impact of events on local business spend holds tremendous research value.

For instance, researchers can study spending patterns before, during, and after events such as sports matches, concerts, conferences, and more. By examining these spending patterns, researchers can discern trends and correlations, facilitating a nuanced understanding of the impact on businesses in various categories like bars, restaurants, and shopping establishments. This research can shed light on the effectiveness of marketing strategies, promotional campaigns, and the overall economic impact on nearby businesses. Moreover, local governments can leverage these research insights to estimate the potential economic ramifications of establishing new venues, contributing to evidence-based decision-making.

‍

The above chart shows spend at San Francisco POIs on days of sporting events vs no events at Chase Center. The data is based on a relatively small sample of January 2023. Note that day of week, holidays, weather, and other relevant factors should be accounted for in a more rigorous analysis.

‍

Research Topic #2: Unraveling the Effects of Natural Disasters on Spend

Natural disasters can have a profound impact on communities, and understanding their influence on consumer behavior is crucial. By combining PredictHQ's event data related to natural disasters with SafeGraph Spend, researchers can investigate how various types of disasters affect nearby businesses.

For instance, researchers can examine grocery shopping behavior leading up to hurricanes compared to wildfires. Analyzing spending patterns at locations surrounding disaster-affected areas provides insights into how people alter their consumption patterns when regular options are disrupted. These research insights prove valuable for businesses in disaster-prone regions, enabling them to adapt their supply chains, marketing strategies, and inventory management to meet changing demand patterns. Additionally, local governments can utilize the results to assess the economic impact of natural disasters on specific industries and plan appropriate recovery measures.

‍

Research Topic #3: Optimal Staffing and Inventory for Local Businesses

SafeGraph Spend data combined with PredictHQ's event intelligence empowers researchers to uncover relationships between staffing and inventory management. By analyzing historical spending patterns from SafeGraph Spend alongside PredictHQ's event data, researchers gain insights into the correlation between events and customer demand.

For example, research teams can examine restaurants and bars to identify specific event types, such as concerts or sports games, that drive increased customer traffic. By understanding the impact of these events on local business spend, researchers can identify how local businesses can proactively adjust staffing levels, ensuring adequate coverage during peak event periods. These findings enable businesses to optimize customer service, reduce wait times, and capitalize on the heightened demand generated by these events. Additionally, understanding the impact of events on customer spending patterns allows for better inventory planning. By aligning stock levels with anticipated demand during event periods, researchers can reveal how retailers can avoid stockouts or excess inventory, ultimately improving operational efficiency and customer satisfaction.

Research Topic #4: Investigating the Impact of Flight Delays on Consumer Behavior

Combining flight delay data from PredictHQ with spending data from SafeGraph, researchers can examine how flight delays influence consumer behavior and local business activity. By analyzing spending patterns before, during, and after flight delays, researchers can understand how disruptions in air travel affect nearby businesses like restaurants, hotels, and retail establishments.

Insights from this research can inform businesses and airports to accommodate stranded passengers and capitalize on potential increased customer demand during flight disruptions. Additionally, airports and local governments can assess the economic consequences of flight delays and enhance the overall travel experience for passengers. By leveraging PredictHQ's flight delay data and SafeGraph's spending data, researchers gain valuable insights into the relationship between flight disruptions and consumer behavior, aiding businesses, airports, and policymakers in making informed decisions to bolster local economies in the face of air travel disruptions.

The above chart shows daily spend at San Francisco International Airport by the number of delays that day. The data is based on a relatively small sample of January 2023. Note that day of week, holidays, weather, severity of the delay, and other relevant factors should be accounted for in a more rigorous analysis.

Research Topic #5: Assessing Tourism Impact on Local Economy

Tourism plays a significant role in shaping local economies, making it a prime focus for researchers. Combining PredictHQ's event data with SafeGraph Spend provides valuable insights into the impact of tourist events on various sectors. Researchers can explore the economic potential of tourism-related activities and contribute to informed decisions that will foster growth in the sector.

For instance, analyzing the correlation between specific tourist events and increased demand for lodging enables researchers to understand how hotels and accommodations can optimize revenue generation and enhance the guest experience during high-demand periods. By examining spending patterns from SafeGraph Spend during these events, researchers can identify the economic impact on other sectors such as restaurants, retail establishments, and attractions. This research can inform infrastructure enhancements, resource allocation, and targeted marketing campaigns to support tourism growth at the local level.

Academic Research with Real-world Implications

The fusion of PredictHQ and SafeGraph Spend presents a powerful opportunity for academics to unlock actionable insights for the private and public sectors. By combining demand intelligence with anonymized transaction data, researchers can gain a comprehensive understanding of the impact of real-world events and natural disasters on nearby businesses and local economies, and provide decision-makers with new information. By leveraging these research insights, businesses can enhance operational efficiency, increase revenue, and improve the customer experience. Additionally, local governments can make informed decisions about resource allocation, infrastructure development, and recovery efforts, leveraging event data and spending patterns.

This is just one example of how academics can combine third party data sources to conduct informative research with real-world implications. The Dewey platform has numerous other datasets available that, when combined, can unlock even more research topics and further enrich the analysis. By harnessing the power of combined datasets, researchers can navigate uncertainties, identify opportunities, and empower evidence-based decision-making in our increasingly data-centric world.