A recent Bank of America report shows that Facebook users are on the social network often, and interested in using possible recommendations offerings in the future.
Facebook is used by most Americans, and is influential on new e-commerce business models and portal sites. Wile the signs of these facts surround those who spend any time online, a recent study from Bank of America Merrill Lynch attempts to quantify these aspects of the social networking company.
Respondents were under 50 and "roughly resemble" the US population, as coverage from Business Insider indicates. While readers know that there are members of the US population over fifty years old, we can take some of these responses at face value, after adjusting for that skewing effect.
For general usage facts, nearly all of respondents use the social network service. Most check their profiles at least once per day on PC as well as mobile, with over one third checking the site multiple times during the day. Over eighty percent are concerned with privacy and data use issues regarding Facebook, but over half have increased use of the site over the past year.
Not only is usage high and consistent, users are loyal. Over half of respondents consider it unlikely that their group of friends will leave Facebook. But in general, being a Facebook user does not take time away from other sites - over two-thirds say that they do not spend less time on either sites.
But for certain types of Web sites, this may not be true. For general media usage and Web portals, Facebook-induced dropped usage is most frequent for traditional media (TV, newspapers, and magazines), as well as Yahoo. Conversely, usage of e-mail is higher for Facebook users (up 23 percent). Sites that Facebook users use more of include Google and YouTube.
Specific Facebook tools may impact companies - their Questions functionality enables members to easily ask their entire social network which they may otherwise use Google for, as 25 percent of the BofA report shows. Respondents also would likely use Facebook recommendations for local businesses or travel destinations.