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Using Google Trends For Forecasting: Overview And Application For Retail Sales Forecasting
[Использование Google Trends Для Прогнозирования: Обзор И Применение Для Прогнозирования Розничных Продаж]

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  • Zubarev, Andrey (Зубарев, Андрей)

    (The Russian Presidential Academy of National Economy and Public Administration)

  • Golovanova, Elizaveta (Голованова, Елизавета)

    (The Russian Presidential Academy of National Economy and Public Administration)

Abstract

Due to the growing popularity of the Internet, many purchases are made in online stores. The Google Trends service collects data based on user requests and breaks them down into categories. In this paper, we review the existing forecasting methods using this service, and make an attempt to predict the dynamics of retail sales using macroeconomic variables and categories in Google Trends corresponding to various commodity groups of food and non-food products. For each type of retail, we build the best predictive models from macroeconomic variables and try to improve them by adding trends.

Suggested Citation

  • Zubarev, Andrey (Зубарев, Андрей) & Golovanova, Elizaveta (Голованова, Елизавета), 2021. "Using Google Trends For Forecasting: Overview And Application For Retail Sales Forecasting [Использование Google Trends Для Прогнозирования: Обзор И Применение Для Прогнозирования Розничных Продаж]," Working Papers w20220148, Russian Presidential Academy of National Economy and Public Administration.
    • Handle: RePEc:rnp:wpaper:w20220148
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