Consumer Confidence and Yield Spreads in Europe

This paper shows the extraordinary capacity of yield spreads to anticipate consumption growth as proxy by the Economic Sentiment Indicator elaborated by the European Commission in order to predict turning points in business cycles. This new evidence complements the well known results regarding the usefulness of the slope of the term structure of interest rates to predict real economic conditions and, in particular, recessions by using a direct measure of expectations. A linear combination of European yield spreads explains a surprising 93.7% of the variability of the Economic Sentiment Indicator. Yield spreads seem to be a key determinant of consumer confidence in Europe.

Consumer Expertise or Credit Risk? An empirical analysis of mortgage pricing

Loan mortgage interest rates are usually the result of a bank-customer negotiation process. Credit risk, consumer cross-buying potential, bundling, financial market competition and other features affecting the bargaining power of the parties could affect price. We argue that, since mortgage loan is a complex product, consumer expertise could be a relevant factor for mortgage pricing. Using data on mortgage loan prices for a sample of 1055 households for the year 2005 (Bank of Spain Survey of Household Finances, EFF-2005), and including credit risk, costs, potential capacity of the consumer to generate future business and bank competition variables, the regression results indicate that consumer expertise-related metrics are highly significant as predictors of mortgage loan prices. Other factors such as credit risk and consumer cross-buying potential do not have such a significant impact on mortgage prices. Our empirical results are affected by the credit conditions prior to the financial crisis and could shed some light on this issue.

Measuring the influence of customer-based store brand equity in the purchase intention

[EN] Store brands account for and important market share in the Spain and a further increase in expected in the next years due to the downturn. However, there is lack of research on store brand customer-based Brand Equity. This study attempts to propose an integrated model of Brand Equity in store or retailer brands, based on Aaker s well-known conceptual model. We propose a consumer-based model, including the main sources or dimensions of Brand Equity and considering the intention to purchase as a consequence. Based on a sample of 362 consumers and 5 store brands, structural equation modeling is used to test research hypotheses. The results obtained reveal that store brand awareness, loyalty along with store brand perceived quality have a significant influence on consumers intention to purchase store brands. Our study suggests that marketers and marketing managers from retailing companies should carefully consider the Brand Equity components when designing their brand strategies, and develop marketing activities in order to enhance their brands awareness.

Brand image and lexicographic analysis: an application to shopping malls

[EN] The concept of image in its different aspects is very important in today s society as well as in the business management field. Some authors reports that most of the studies that measure image do not take into account neither previous theoretical and conceptual models nor other possible empirical evidence alternatives. Given this need, a research regarding the concept of brand image applied to shopping malls was conducted based on the conceptual model of the consumer cognitive response in order to empirically explore and contrast it. For this reason, a survey was applied to 420 consumers in five shopping malls in Bogotá, achieving a database of 3.749 cases. The results show attribute-shopping mall associations expressed in unique, differentiated, and notorious vocabulary obtained applying lexicometric and multivariate analysis techniques. Attribute-shopping mall associations such as spacious , good location , good variety of stores , and the existence of movie theaters . Finally, this research aims to potentially improve the management of shopping malls and increase their attractiveness and customer loyalty by applying the development of service quality systems, integral communication, segmentation, and positioning.

Programas de fidelización en la distribución comercial de la era digital.

Hoy en día, las empresas deben adaptarse a los cambios continuos del mercado, donde el comercio electrónico crece cada año y las redes sociales y los dispositivos móviles conectan a los consumidores con las marcas. El marketing ha evolucionado gracias a las nuevas tecnologías de información y comunicación para responder a un consumidor social que está conectado gran parte del día, es exigente y además, está comprometido con el medio ambiente. En un entorno muy maduro y competitivo, el cliente se ha convertido en el activo más valorado para las empresas especialmente de distribución minorista y por eso, su fidelización es un objetivo prioritario para las compañías, quienes tratan de enfocar las estrategias de marketing hacia las relaciones con los consumidores. Pero, a pesar de la infinidad de oportunidades que ofrecen las nuevas tecnologías, los programas de fidelización implantados en el entorno digital tienen un recorrido de necesaria evolución y un ajuste de mejoras para la adaptación de un medio poco estructurado a las nuevas circunstancias. A través de este trabajo fin de grado se propone dar a conocer la actualidad sobre la distribución comercial en el ámbito digital así como las tendencias en los programas de fidelización. Además, la creciente implicación en el cuidado del medio ambiente por parte de las empresas y los consumidores se incluye como una aportación original y distintiva al trabajo.