Segmentation finds this consumer group has influential ‘multiplier effect’
For more information, contact:
Jonathan Portis
Acxiom Corporate Communications
501-252-0582
jonathan.portis@acxiom.com
GACXM
LITTLE ROCK, Ark. –June 30, 2010 – With retail sales
showing slight improvements, retailers selling apparel and other
merchandise can look to the latest Retail Consumer Dynamics study by
Acxiom® Corporation (Nasdaq: ACXM), based on insights drawn from the
BIGresearch® Consumer Intentions and Actions® (CIA®) and Simultaneous
Media Usage® (SIMM®) Surveys, for guidance on how to maintain momentum
by targeting the right segment with the right mix of promotional tools.
“Successful apparel and brand marketers recognize the need to take a
fresh and multi-faceted look at today’s consumer,” said Jim Harold, vice
president for Acxiom’s retail group.
“This new study provides a particularly insightful view of consumers
through the lens of fashion preferences and explores variations in each
preference group’s intentions and expected shopping behavior – and not
just in the apparel category.”
The above-mentioned groups include:
- Fashion Forward – Consumers who are looking for the newest trends and styles
- Conservative/Traditional – Shoppers who prefer a more traditional look
- Value Driven – Consumers who seek value and comfort rather than fashion
Research showed that of the consumers surveyed, half are Value
Driven, 34 percent are Conservative/Traditional and 16 percent are
Fashion Forward.
Though it’s the smallest of the three groups, Fashion Forward women
in particular spend on average 1.7 times as much on apparel as
Conservative/Traditional women and 2.7 times as much as Value Driven
women.
“Surprisingly, women in the Fashion Forward group – regardless of
income – spend more on average than women of the other two groups,"
Harold said. “Fashion Forward women collectively account for 32 percent
of total women’s apparel purchases, which is approximately equal to the
same dollar value as either of the other two groups.
“What they lack in numbers, they make up for in spending power. And
to underscore their importance further, Fashion Forwards indicate an
intention to spend roughly twice as much as other groups in categories
such as electronics, home furnishings, sporting goods and health and
beauty aids.”
It’s interesting to note that Fashion Forwards are not exclusively
higher-income consumers and that half of the group has incomes of less
than $50,000 annually. While Fashion Forwards are predominantly younger,
their presence and influence can be found in all age groups. “This
group has what we call a multiplier effect,” Harold said. “They spend
more and they are the most likely to refer friends and colleagues to
their preferred retailer.”
Acxiom’s study showed that regardless of type or market position,
every retailer enjoys some share-of-wallet from Fashion Forwards. Even
discount stores, which appeal to more cost-conscious consumers, draw one
Fashion Forward woman customer for every six Value Driven women
customers and one in 10 overall.
“In terms of reaching the right consumers, the study showed younger
segments are influenced by new media, such as Internet, email and social
websites,” said Phil Rist, EVP, for BIGresearch. ”Yet all segments
preferred well-established, familiar communications such as coupons,
advertising inserts and in-store tactics.”
“This is the kind of information that’s not available on the
surface,” Harold said. “Only by using segmentation and analytics can
retailers translate insights into practical applications. The full
study, which goes into much greater depth, demonstrates how retailers
can explore additional revenue opportunities and improve their marketing
ROI by recognizing consumer groups according to similar shopping
behaviors and product preferences.”
Please click here
for a copy of Acxiom’s latest Retail Consumer Dynamics Study. For more
information on Acxiom products and services, call 1-888-3ACXIOM or visit
www.acxiom.com.
About Acxiom
Acxiom is a recognized leader in marketing technology and services
that enable marketers to successfully manage audiences, personalize
consumer experiences and create profitable customer relationships. Our
superior industry-focused, consultative approach combines consumer data
and analytics, databases, data integration and consulting solutions for
personalized, multichannel marketing strategies. Acxiom leverages over
40 years of experience of data management to deliver high-performance,
highly secure, reliable information management services. Founded in
1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves
clients around the world from locations in the United States, Europe,
Asia-Pacific and the Middle East. For more information about Acxiom,
visit Acxiom.com.
Acxiom is a registered trademark of Acxiom Corporation.
About BIGresearch
BIGresearch consumer intelligence provides analysis of behavior in
areas of products and services, retail, financial services, automotive
and media. The BIGresearch Consumer Intentions and Actions Survey (CIA)
of 8,000+ respondents is conducted monthly and the Simultaneous Media
Usage Survey (SIMM) of 20,000+ respondents is conducted semi-annually.
More information is available at http://www.bigresearch.com
BIGresearch is a registered trademark of Prosper Business Development Corp.
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