Holiday Spending: More of the Same or Back in the Game?
October 01 2009 - 12:45PM
Business Wire
Retailers anxious about the upcoming holiday shopping season may
have reason for hope, according to consumer insights released today
by Acxiom® Corporation (Nasdaq: ACXM) in its 2009 Retail Consumer
Dynamics Study.
Acxiom’s proprietary report revisits nine unique consumer
segments first studied in the Fall of 2008 and finds a growing
confidence in the economy among nearly all consumers. Eight of the
segments, reflecting 86.2 percent of U.S. households, indicate they
plan to spend the same or modestly more than they did a year ago.
Four of the nine segments report less restraint in their future
spending.
“The relatively modest changes in spending intentions suggest
continued caution by most consumers,” said Jim Harold, Acxiom’s
industry executive for retail and consumer markets. “Still, the
implication from our study of behaviors and attitudes is that some
consumer segments are becoming less restrained in their spending
than others. Retailers that understand who these valuable consumers
are can fine-tune their holiday marketing efforts for improved
prospecting and customer engagement results.
“Insights drawn from this study allow retailers to anticipate
shopping patterns, customize and focus marketing messages,
determine pricing, plan direct and in-store marketing, and localize
marketing,” Harold said.
Acxiom’s study places consumers into three distinct segments:
those likely to loosen spending sooner, those not likely to change
from current behavior, and those tightening spending and retreating
further.
Key findings indicate:
- Potential Rebounders,
recognized in Acxiom’s 2008 study as the most likely to rebound
first, still appear to be the most likely to be ahead of the curve
in economic recovery. This group includes:
- Savvy Spenders
(mostly affluent, married)
- Protecting the Dream
(middle income, city, young adult, married)
- It’s My Life (affluent
younger adults, many single with no kids)
- Protecting the Dream
consumers, despite being the most income-constrained of the
three Potential Rebounders, show slight signs of
loosening spending, based on recent grocery purchases and dining
out choices. They show a preference for department or specialty
stores over discounters for women’s clothing, electronics and
groceries.
- Status Quo segments are a
bit mixed but share in both a positive perspective of the economy
and the same or less restraint on managing personal finances. The
most likely of these segments to increase future spending are:
- Been There, Done That
(mostly older, low-to-middle income, rural with children)
- Eye on Essentials (lower
middle class, city, mixed young/mature adults)
- Full Spend Ahead
consumers (affluent, mature, married, no kids) report some future
restraint in spending, perhaps because they were slower to respond
to economic issues in the first place.
“As the 2009 holiday season approaches, retailers who act
quickly may benefit from understanding how consumers are responding
today versus a year ago,” said Harold. “Retailers still have time
to take advantage of spending intentions, categories of most
interest, preferences for retailer type and other aspects of
consumer shopping behavior to make adjustments to their marketing
efforts.”
To download a copy of Acxiom’s Retail Consumer Dynamics study,
please link to http://www.acxiom.com/retail_consumer_dynamics.
Retail Consumer Dynamics is based on an integrated data set
combining consumer survey findings with Acxiom’s consumer
demographic, life stage and lifestyle information. The study is
powered by Acxiom® InfoBase-X™, the largest, most accurate,
comprehensive and multi-sourced data collection of U.S. consumer
information in one source, and Acxiom® PersonicX®, a
household-level segmentation suite that places U.S. households into
one of 70 distinct segments and 21 life-stage groups based on
specific consumer behavior and demographic characteristics.
About Acxiom
A global leader in interactive marketing services and
infrastructure management, Acxiom connects clients with their
customers through deep customer insight, powering effective and
profitable marketing initiatives and business decisions. Our
consultative approach spans multiple industries and incorporates
decades of experience in consumer data and analytics, information
technology, data integration and consulting solutions for effective
marketing across digital, Internet, email, mobile and direct mail
channels. Our secure, high-performance technology services deliver
consistent value and reliability. Founded in 1969, Acxiom is
headquartered in Little Rock, Arkansas, and serves clients around
the world from locations in the United States, Europe, Middle East,
Africa and Asia-Pacific. For more information about Acxiom, visit
www.acxiom.com.
Acxiom, InfoBase-X and PersonicX are registered trademarks of
Acxiom Corporation.
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