$2 trillion annual Faith Driven Consumer niche up for grabs
They are one out of every seven American adults. At $2 trillion, they spend significantly more annually than other routinely targeted niche groups such as Hispanics, Asians, African-Americans, Muslims and the LGBT community. They are 41-million strong.
They are Faith Driven Consumers. And they are looking for options when it comes to retailers.
In a survey conducted by FaithDrivenConsumer.org, 61 percent of the segment of Christian consumers known as Faith Driven Consumers said that the marketplace is NOT meeting their needs as a consumer.
Given this, it’s not surprising that 64 percent said they are actively searching for Christian- friendly companies to do business with.
But wait, there’s more. Drilling deeper into the data, a whopping 81 percent of this market segment – more than 4 out of 5 – said they would be willing to change brands or stop buying altogether if they could found that a retailer was in conflict with their values and worldview.
And as an indication of the deep brand loyalty that Faith Driven Consumers reserve for those retailers that manage their operations in alignment with biblical values and principles, the study revealed that 81 percent of Faith Driven Consumers would spend 50 percent or more of their discretionary money with faith-compatible retailers.
Nearly two-thirds (65 percent) would spend 75 percent or more of their discretionary income with these brands – and 24 percent would spend all of their budgets with these companies.
What does it take for retailers to integrate with this large and increasingly enfranchised, American consumer niche?
Is your brand ready, willing and able to engage with this remarkably loyal subset of the broader Christian market?
How can you afford to NOT pursue Faith Driven Consumers?