A new study out from Acxiom does a great job of describing consumers by their spending habits in a recession. The most interesting statistic to me is that they catagorize only 19% as "Digging In" while 48% are keeping with the status quo as "Full Speed Ahead" with 33% expected to loosen up on spending sooner.
So why is it that the 19% that are "Digging In" are getting all of the media attention and the attention of your clients. I don't think anyone will argue with the fact that consumer spending habits have changed but as the chart shows the majority of consumers are pushing forward with their lives. The study identifies some key groups that our clients should focus on:
"Savvy Spenders (mostly married, affluent, young or mature, living in outer suburbs and rural communities) are more likely to spend sooner than other segments, given some improved circumstances.
- Of the Savvy Spenders, 37% are shopping sales more often.
- Savvy Spenders favor department stores for their combination of category offerings and brand/price options.
- Those likely to shop more online are the Tight with Purpose; they are married and have children, and they?re upper middle income with professional or management careers.
- The It?s My Life segment - mostly affluent young consumers maintaining a child-free city lifestyle - are not letting economic conditions change their shopping behavior. They shop in category-killer stores to benefit from the blend of brand selection and price.
?This challenging economy creates an exceptional opportunity for retailers and consumer product manufacturers to target direct messages to specific consumer segments in order to sustain and maximize a return on marketing investment,? said Jim Harold, industry executive for retail and consumer markets at Acxiom."
To read the synopsis and download the full report click here