Acxiom® Study Reveals Which Consumer Groups Are Most Likely to Spend During Challenging Economic Times
15 October 2008 - 12:00AM
Business Wire
Acxiom� Corporation (Nasdaq: ACXM) today announced the release of
the first issue of its Retail Consumer Dynamics Study (RCD), an
industry-specific analysis of consumer shopping behavior and
attitudes in today�s difficult economic times. The study revealed
variations in how each consumer segment looks at the economy today
and how that perception affects whether and how they will defer
spending; the type of stores they will visit; and generally how
they go about their daily shopping. �Even though all consumers are
facing huge economic uncertainty, their responses differ ? and not
along conventional demographic lines,� said Jie Cheng, vice
president of analytics and consumer insights at Acxiom. �Rather
than thinking in simple terms of who is spending more versus who is
spending less, this study allows us to see how consumers are making
their decisions on when and where to shop and what to purchase.�
Acxiom�s study identifies nine consumer behavioral segments that
provide retailers with new, actionable insights to improve their
ability to connect with key consumer targets. The study places
these segments into three distinct groups reflecting consumers�
potential future behavior ? those likely to loosen up on spending
sooner, those not likely to change from current behavior, and those
tightening spending and retreating further. Insights drawn from
this distinctive study allow retailers to anticipate shopping
patterns and plan accordingly. Key research findings include:
�Savvy Spenders� (mostly married, affluent, both young and 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 percent 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,� who are married with
children, 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
current 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. Retail Consumer Dynamics is based on an
integrated data set combining consumer survey study findings with
Acxiom�s consumer demographic, life stage and lifestyle
information. The survey was conducted by BIGresearch, a consumer
intelligence firm, and the analysis using 18,924 panel data points
was performed by Acxiom. �BIGresearch is excited to see Acxiom
applying the consumer insights from our surveys to create
actionable guidance for their clients,� said Gary Drenik, president
and CEO of BIGresearch. �The combination of BIGresearch�s ongoing
consumer panel surveys with Acxiom�s PersonicX� consumer life stage
segmentation system provides an accurate look at how the weak
economy is affecting shoppers.� The Retail Consumer Dynamics study
is powered by Acxiom�s InfoBase-X�, the largest, most accurate,
comprehensive and multi-sourced data collection of U.S. consumer
information in one source. PersonicX is Acxiom�s household-level
segmentation suite that places U.S. households into one of 70
distinct segments and 21 life-stage groups based upon specific
consumer behavior and demographic characteristics. For a copy of
Acxiom�s Retail Consumer Dynamics study, please link to
http://www.acxiom.com/retail_consumer_dynamics. About Acxiom The
global leader in interactive marketing services, Acxiom connects
clients with their customers through deep consumer 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. Founded in 1969,
Acxiom is headquartered in Little Rock, Ark., and serves clients
around the world from locations in the United States, Europe and
Asia-Pacific. For more information about Acxiom, visit
www.acxiom.com. About Acxiom Retail and Consumer Markets The
world�s leading retail and consumer goods companies rely on
Acxiom�s consumer-centric solutions to acquire, grow and retain
loyal and profitable customer relationships by optimizing their
marketing dollars. About BIGresearch BIGresearch is a consumer
intelligence firm providing analysis of behavior in areas of
products and services, retail, financial services, automotive, and
media. BIGresearch�s syndicated Simultaneous Media Survey (SIMM) is
focused on consumers to gauge their consumption across media,
products and services. Marketers can use SIMM to develop the types
of consumer-centric marketing plans required to increase
advertisers� ROI. The SIMM monitors more than 15,000 consumers
twice each year. They also conduct the Consumer Intentions and
Actions Survey (CIA) which monitors the pulse of more than 7,000
consumers each month. BIGresearch�s methodology provides the most
accurate consumer information in the industry with a margin of
error of +/- 1 percent. http://www.bigresearch.com.
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