Emerging $1.75 trillion segment dwarfs other groups in size and spending power
In an era when retailers routinely target niche audiences to increase market share, one overlooked subset of the broader market of self-identified Christians is worth the attention of retailers: Faith Driven Consumers.
Comprised of 46 million consumers and representing 15 percent of the US population, members of this rapidly emerging and highly differentiated group spend $1.75 trillion annually and are actively seeking brands compatible with their worldview and values.
And just as many retailers have framed their marketing messages to resonate with other niche segments in American society, the Faith Driven Consumer audience similarly wants to connect with brands that honor their specific values and consumer needs.
In fact, not only does this newly enfranchised market seek to connect with brands that speak their language, but its members are eager to switch to – and even spend more with – faith-compatible brands that pursue them effectively.
Before retailers dismiss the idea of targeting this untapped market segment, consider this: though roughly the same size as the US Hispanic population, Faith Driven Consumers spend 75 percent more.
Additionally, the annual spending power of the Faith Driven Consumer niche dwarfs that of other groups frequently targeted by retailers – at levels nearly twice the size of the African American market, 2.5 times the LGBT market, three times the size of the Asian American market, and ten times the size of the Muslim market.
Just as brands have successfully engaged with the green movement, the LGBT community and other niche markets, an unparalleled opportunity now presents itself with the loyal and highly committed Faith Driven Consumer segment to those retailers who are capable and willing to connect in an integrated way.
While retailers don’t have to forsake established relationships with other niche groups, to win over the $1.75 trillion annual Faith Driven Consumer market, they must recognize and acknowledge their beliefs and worldview and at least take neutral positions on hot-button social and moral issues in the culture.
Just like with other niche markets, the good news for retailers is that the powerful and increasingly unified faith-driven Christian consumer community is highly distinct and readily responds to resonant messaging strategies delivered through proper channels – reaping dividends for those brands that dare to pursue them.
When it comes to targeting the Faith Driven Consumer niche market, there’s no need for retailers to reinvent the wheel. Respectful, resonant messaging works.
Is your brand ready, willing and able to integrate with them?