As part of its industry research initiative, NAA contracted with Harris Interactive in 2004 to analyze the behavior and attitudes of U.S. consumers toward the auction industry. This research effort provided insights on consumer perceptions, behavior, and participation levels at various types of auctions.
Harris Interactive conducted a total of 4,106 interviews among a nationally representative sample. A total of 957 interviews were conducted among consumers who had attended a live auction within the past year.
The study found that consumers were willing to travel 1.3 hours to attend an auction and 75% would take their family. The perception that live auctions were an opportunity for a family outing was a strong motivator for consumer attendance. Other findings from the 2004 Harris Interactive study include:
Ninety-two percent (92%) of consumers held a very favorable view of the auction profession
Consumers spend an average of twice as much at live auctions ($988) than at Internet auctions ($475)
According to Harris, “fun” is the number one reason consumers attend live auctions.
They are looking for something original, unexpected, or exciting. Auctions are an exciting way to get good deals according to 83% of consumers.
Consumers who participate in Internet auctions are more, not less likely, to participate in live auctions.
Of consumers attending live auctions 92% bid, and 87% make a purchase
The greatest barrier for consumer participation in live auctions is lack of information.
They don’t know when, where, or how to participate in a live auction.
Over half of consumers cited newspapers as their primary source for finding out about live auctions.
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