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Oct 2, 2009 by Mark MaierThe Center for Media Research released an interesting report that details how consumers have changed spending priorities, which goes back to a previous post where we talked about using various channels to drive consumers to your client offering. " American Consumers Shifting Priorities "makes some observations that will help your clients focus marketing to make wants into needs....
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Higher Priority Rating Today vs. One Year Ago (% of Respondents) |
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% of Respondents |
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Expense |
More Important Today |
Important One Year Ago |
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Salon hair styling |
46% |
18 |
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Auto maintenance |
43 |
5 |
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Private schools |
16 |
6 |
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Home improvements |
14 |
7 |
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Organic food |
13 |
7 |
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Massage |
13 |
6 |
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Source: American Express Spending & Saving Tracker, September 2009 |
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Less Important Today vs. One Year Ago (% of Respondents) |
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% of Respondents |
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Expense |
High Importance Today |
Important One Year Ago |
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Pet care |
11% |
18% |
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Dining out |
8 |
24 |
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Clothes |
8 |
18 |
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Fashion |
7 |
15 |
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House cleaning service |
6 |
12 |
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Vacation |
7 |
25 |
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Sports activities |
5 |
12 |
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Source: American Express Spending & Saving Tracker, September 2009 |
Some other facts and figures from the report....
" Two areas showed the largest degree of change:
- Car maintenance showed the single most significant jump in priority (up 37 percentage points). 42% named it as a high priority today, but only 5% said that automobile maintenance and care was a high priority one year ago
- The second highest shift was related to grooming, which rose 28 percentage points in priority. 46% said salon hairstyling and grooming was a high priority today; only 18% of adults said that it was a high priority one year ago
The report goes onto say that younger demo's are making changes as well...
Young professionals were more optimistic about the economy and more likely to increase spending during the next 30 days (24% versus 14% of the affluent and 10% of the general population)
When young professionals who plan to spend more were asked what they would be spending it on, two thirds said clothing (65%), and more than half said dining out (54%) and travel (53%)
Among the general population, about one-half of consumers who expect to spend more said they plan to increase their spending on groceries and clothes (49% each)
The affluent who expect to spend more said it would be on travel (56%), dining out (47%) and clothes (43%)
When American consumers were asked what they would do with $500 of found money, one-third of consumers said they would pay off their regular monthly bills. One-in-four said they would apply it to pay off credit card debt or save it (26% each).
33% of young professionals would put found money toward their credit card debt, compared to 26% of the affluent
More young professionals than affluents would use the money to go on a shopping spree (16% versus 6%)"
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