What this means for your bottom line
In recent years, America’s flat-lining economy has created an economic environment where consumers are highly price conscious and brand loyal is rare.
Despite the challenges retailers face in today’s penny-pinching marketplace, recent research shows that there’s an economically powerful sub-segment of the Christian population – Faith Driven Consumers – that is willing to spend most of its budget with brands that are faith-compatible and willing to align their operations with a biblical worldview.
Comprised of 41 million people—17 percent of American adults—Faith Driven Consumers as a group are comparable in size to the Hispanic population, yet spend significantly more at $2 trillion annually. However, because the Faith Driven Consumer segment has been only recently quantified and qualified – and remains largely untapped – few retailers have targeted them in their marketing plans.
Here, the data show that brands that have overlooked Faith Driven Consumer are missing out on the bottom-line benefits of integrating with a segment of the population that is actively looking for faith-compatible brands and spans one out of every seven Americans. Significantly, the research indicates that 81 percent of Faith Driven Consumers are willing to spend fully half of their budget with retailers that respect their deeply held faith values and worldview.
The research also indicated that 65 percent of the Faith Driven Consumer market would spend most—or 75 percent—of their budget with faith-compatible brands, while an impressive 24 percent said they would spend their entire budget with companies that align with a biblical worldview.
Results like these are hard for brands seeking success in today’s marketplace to ignore. While other niche markets may have an appeal in terms of targeted growth opportunities for retailers for one reason or another, the data rolling in on the attitudes, spending behavior and long-term viability of the Faith Driven Consumer segment speak to a high degree of loyalty and commitment toward those brands that demonstrate a respect and sensitivity toward family- and faith-friendly marketing messaging and corporate management.
As the Faith Driven Consumer segment becomes increasingly enfranchised and confident in expressing its collective voice on behalf of faith-compatible brand behavior in the retail sector, companies with the foresight to see the value in this rapidly emerging market segment – and the commitment to take the necessary steps to effectively and sincerely engage them – will reap dividends from a group virtually unmatched in its loyalty and dedication to the retail relationship.
Faith Driven Consumers are looking for faith-compatible brands. Is yours ready, willing and able to meet them where they are and successfully integrate with them?