Willing to spend more and sacrifice convenience and comfort for faith-compatible brands
In an economy where consumers are looking to cut coupons, tighten discretionary spending, and shop for the best deals around, retailers are hard-pressed to sell items at the full price and struggle to reach expected retail sales.
Despite some forecasters calling for a rise in retail sales (six percent growth this year), shoppers continue to pinch pennies in order to make it through this uncertain economic season.
However, one market segment – Faith Driven Consumers – is willing to pay extra based on their values and worldview. Made up of 46 million Christian consumers, this rapidly emerging and powerful group feels highly responsible to change their daily habits to more closely align with their faith convictions.
Representing 15 percent of the US population and registering $1.75 trillion in annual spending, Faith Driven Consumers present a large, untapped opportunity for retailers to win over consumers who are willing to remain loyal and committed as long as the retailer is compatible with their values and is meeting their specific faith grounded needs.
In fact, research shows that 84 percent of Faith Driven Consumers would spend at least five percent extra for a brand that aligned with their worldview. This translates roughly into 38 million people who would pay extra rather than going for the sale rack or deals at a competitive store.
Drilling deeper into the data, fully 64 percent would spend at least 10 percent extra and 16 percent of Faith Driven Consumers said they would spend at least 25 percent or more on a brand that was compatible with their beliefs.
In today’s economy, retailers are hard-pressed to find a consumer group as committed and willing to pay extra, beyond what they would normally spend, than Faith Driven Consumers.
Rather than chase after larger niche markets that have savings as their primary goal, retailers have an unparalleled opportunity with Faith Driven Consumers to focus on a group that responds favorably to appropriate marketing messages that resonate with their deeply held values and convictions.
Committed, loyal and willing to go the extra mile with a faith-compatible brand – can you afford not to pursue this group that represents one out of every seven Americans?