On the relationship between colour search trends, economic indicators and colour forecasting

Abstract

This work explores the relationship between relative search frequencies for colour names using Google Trends and measures of investor sentiment and consumer/business confidence using data between 2004 and 2019. It was found that during periods of economic downturn or negative sentiment, relative search frequencies for black increased and those for yellow decreased. Additionally, we used Granger Causality to show that changes in search frequencies for white and purple may be able to forecast investor sentiment and consumer confidence respectively. The work has implications for the use of data-driven methods for effective colour forecasting.