Jul 01, 2015 4:04 PM
Racially and Politically Diverse, Faith Driven Consumers Are a Powerful Buying Force in America
Faith Driven Consumers have emerged as a purchasing powerhouse in recent years. Now, we have some exciting new data that will show exactly who makes up this “faith-driven” cohort of consumers and what they want from brands.
Conducted by the research firm American Insights, this comprehensive new national survey qualifies and quantifies Faith Driven Consumers, a rapidly emerging and economically potent subset of the Christian community. These consumers represent 17% of the U.S. adult population—more than 41 million people—who spend $2 trillion each year.
This research gives brands even more reason to acknowledge the significant buying power that Faith Driven Consumers represent in the marketplace. These are consumers marked by a strong faith in Christ and a biblical worldview who prefer brands that are compatible with—rather than hostile to—their values.
We’re sharing this information so that brands will better understand the value of respecting the Faith Driven Consumer community. It makes good business sense for brands to welcome this demographic into their rainbow of diversity alongside groups they already engage with, such as racial minorities and the LGBT community.
In fact, in both numerical size and scope of purchasing power, Faith Driven Consumers are even more dominant than target markets routinely courted by brands. For instance, even though Faith Driven Consumers are comparable in size to the Hispanic market, they represent 42% more spending power. This significant group of buyers remains untapped—opening enormous opportunities for brands that are willing to engage them.
In the coming weeks, we’ll be releasing the findings of this survey through a series of blog posts. We’ll explore what Faith Driven Consumers seek from brands, how they compare to other market segments, whether they prefer “buycotts” or “boycotts” as a means of making their voices heard, and how their faith influences their purchasing and entertainment decisions.
For now, we’re whetting your appetite with a quick snapshot of what Faith Driven Consumers look like as a population cohort, drawn from the national survey:
- Religious affiliation: Protestant (66%), Catholic (32%), and Mormon (3%)
- Gender: Female (53%) and Male (47%)
- Age: 18-34 (25%), 35-49 (25%), 50-64 (30%), and 65 or older (19%)
- Race: White (62%), Black (18%), Hispanic (13%), and Asian (4%)
- Marital status: Married (60%), single (21%), separated or divorced (9%), widowed (5%), and single living with a partner (4%)
- Household composition: No children (53%), one child (20%), two children (15%), three children (8%), and four or more (5%)
- Annual household income: $0-$25K (18%), $26K-$50K (29%), $51K-$75K (22%), $76K-$100K (14%), $101K-$150K (9%), and $150K or more (3%)
- Party affiliation: Republican (37%), Democrat (32%), and Independent (21%)
- Political ideology: Conservative (53%), Moderate (28%), and Liberal (14%)
Our conclusions: Faith Driven Consumers are diverse by race, gender, political preference, household type, and income level—and they make purchasing decisions based on their faith. They represent a powerful consumer subset. Brands would be wise to take note.