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Linking consumer confidence index and social media sentiment analysis

Author

Listed:
  • Shahid Shayaa
  • Sulaiman Ainin
  • Noor Ismawati Jaafar
  • Shamsul Bahri Zakaria
  • Seuk Wai Phoong
  • Wai Chung Yeong
  • Mohammed Ali Al-Garadi
  • Ashraf Muhammad
  • Arsalan Zahid Piprani

Abstract

This study aims to analyse the link (correlation) between and the official CCI and social media big data (via sentiment analysis) on consumer purchasing behaviour for two types of products over the course of two years (24 months, from January 2015 to December 2016). The CCI data was obtained from the Malaysian Institute of Economic Research (MIER) while the sentiment analysis was obtained from twitter. The results indicate that there is a significant but very small relationship between CCI and social media sentiment analysis. On the basis of the results we conclude that social media can offer huge a huge volume of data on consumer confidence, the analysis of which can be conducted at a more rapid time and integrated with existing methods in a synergistic way to refine the accuracy of the CCI using data from far larger populations.

Suggested Citation

  • Shahid Shayaa & Sulaiman Ainin & Noor Ismawati Jaafar & Shamsul Bahri Zakaria & Seuk Wai Phoong & Wai Chung Yeong & Mohammed Ali Al-Garadi & Ashraf Muhammad & Arsalan Zahid Piprani, 2018. "Linking consumer confidence index and social media sentiment analysis," Cogent Business & Management, Taylor & Francis Journals, vol. 5(1), pages 1509424-150, January.
    • Handle: RePEc:taf:oabmxx:v:5:y:2018:i:1:p:1509424
    DOI: 10.1080/23311975.2018.1509424
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    Cited by:

    1. Prasada, Imade Yoga & Nugroho, Agus Dwi & Lakner, Zoltan, 2022. "Impact of the FLEGT license on Indonesian plywood competitiveness in the European Union," Forest Policy and Economics, Elsevier, vol. 144(C).
    2. Čižmešija Mirjana & Lukač Zrinka & Novoselec Tomislav, 2019. "Nonlinear optimisation approach to proposing novel Croatian Industrial Confidence Indicator," Croatian Review of Economic, Business and Social Statistics, Sciendo, vol. 5(2), pages 17-26, December.
    3. Muhammad Ashraf & Arslan Ali Raza & Muhammad Ishaq & Wareesa Sharif & Asad Abbas, 2022. "Real-Time Extraction and Annotation of Social Media Contents for Predicting National Consumer Confidence Index," Journal of Policy Research (JPR), Research Foundation for Humanity (RFH), vol. 8(4), pages 292-309, December.
    4. Huijian Han & Zhiming Li & Zongwei Li, 2023. "Using Machine Learning Methods to Predict Consumer Confidence from Search Engine Data," Sustainability, MDPI, vol. 15(4), pages 1-12, February.
    5. Zeynep Copur & Michael S. Gutter, 2019. "Economic, Sociological, and Psychological Factors of the Saving Behavior: Turkey Case," Journal of Family and Economic Issues, Springer, vol. 40(2), pages 305-322, June.
    6. Karaman Örsal, Deniz Dilan & Sturm, Silke, 2021. "Computing Consumer Sentiment in Germany via Social Media Data," Hamburg Discussion Papers in International Economics 7, University of Hamburg, Department of Economics.

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