%XWWKHUH¶VDQRWKHUOHVVHUNQRZQGHYHORSPHQW
LPSDFWLQJFRQVXPHUV (FRPPHUFHUHWDLOHUVRIDOOVL]HV
DUHLQFUHDVLQJWKHLUFXVWRPHUGDWDFROOHFWLRQDFWLYLWLHV
LQDELJZD\7KDW¶VWUXHQRWRQO\RIODUJHHFRPPHUFH
SOD\HUVVXFKDV$PD]RQEXWDOVRRIVPDOODQGHYHQORFDO
UHWDLOHUVWKDWXVHHFRPPHUFHZHEVLWHVDVFRQYHQLHQW
H[WHQVLRQVWRWKHLUEULFNDQGPRUWDURSHUDWLRQV
(FRPPHUFHKDVEHFRPHE\IDUWKHIDYRUHGSXUFKDVLQJ
FKDQQHOIRUFRQVXPHUVGXHWR&29,' %XWDSDUW
IURPWXUQLQJWKDWGHPDQGLQWREXFNHWVRIKROLGD\FDVK
RQHRIWKHPRVWLPSRUWDQWJRDOVIRUUHWDLOHUVWKLV\HDU
DFFRUGLQJWRDUHFHQWVWXG\FDOOHG7KH1H[W/HYHORI
3HUVRQDOL]DWLRQLQ5HWDLOE\%RVWRQ&RQVXOWLQJURXS
%& ZDVWREXLOGDPRUHH̆HFWLYHSHUVRQDOL]HG
VKRSSLQJH[SHULHQFH
7KHUHDVRQHFRPPHUFHUHWDLOHUVDUHFKDVLQJWKDWJRDO
VRUDELGO\LVEHFDXVHWKH%&*VWXG\DOVRVKRZVWKDW
JRRGSHUVRQDOL]DWLRQLPSOHPHQWDWLRQFDQSXVKD
UHYHQXHOLIWRIXSWR5HWDLOHUVXVLQJWKHVH
WHFKQRORJLHVFDQVHHDQDYHUDJHSHURUGHULQFUHDVHRI
EHWZHHQDQGWKDWDOVRH[WHQGVWRSXUFKDVLQJ
frequency.
$VDUHVXOWPDUNHWHUVDFURVVWKHEXVLQHVVVSHFWUXPDUH
SXWWLQJSHUVRQDOL]DWLRQDWWKHIRUHIURQWRI¶VWRGR
OLVWZLWKDUWQHUVD\LQJDOPRVWRI&02V
FRQVLGHUHGLWDWRSSULRULW\LQFRPSDUHGZLWK
LQ DQHYHQKLJKHUEXPSLVH[SHFWHGQH[W\HDU
%&LQWXUQFODLPVWKDWUHWDLOHUVRIDOOVL]HVDFFRXQW
IRUXSWRRIWKRVHEXVLQHVVHV$FFRUGLQJWR\HW
DQRWKHUVWXG\E\6N\QRYDRISROOHGEXVLQHVV
RSHUDWRUVZHUHUDPSLQJXSWKHLUGDWDFROOHFWLRQH̆RUWV
SDUWLFXODUO\E\XVLQJVRFLDOPHGLDDQG RIWKRVH
ZHUHVPDOOEXVLQHVVHVZLWKEHWZHHQDQG
HPSOR\HHV