New research on consumer spending behavior has identified a "New Era of Pause and Purchase" that shows U.S. consumers are giving more thought to their purchasing decisions and redefining what it means to be a smart shopper today.
Among five key trends currently influencing consumer spending is a phenomenon called "CiCo" (Check In To Check Out). The use of mobile devices and the Internet has allowed brands to personalize location-based offers and perks to entice shoppers to "check in" to share deals with fellow shoppers and incentivize group buying on the go before they "check out."
According to the report:
-- 25 percent of consumers say the use of GPS affects their shopping
-- 23 percent say the availability of smartphones impacts their spending
Implications: CiCo is only the beginning of how consumer loyalty can evolve in the coming decade. The mobile web will become a key shopping portal, working as an intimate, personal digital concierge to revolutionize the shopping experience.
Comment from Mary Hines, vice president of marketing at American Express: The "smart spender" of the past was primarily focused on cost. Today's smart spender is defined by values just as much as, if not more than, price. Furthermore, consumers told us that the "buy buy buy" model that has driven them for decades is now shifting towards a more conscientious and values-driven way of purchasing. You can imagine a time when every purchase and product is, in some way, tailored to a consumer's individual needs. Whether it's a coupon offered only to your immediate social circle, or the ability to allocate a percentage of every purchase to the charity of your choice, we will have more individuality than ever before as consumers. American Express will continue to explore the newest innovations that will help our customers become the smartest shoppers they can possibly be.
About the report: For the development of Consumer Spending Futures: The New Era of Pause and Purchase, American Express commissioned Future:Poll, the research division of The Future Laboratory, to explore the impact of change on current and future consumer spending trends across six key markets: US, UK, Canada, Australia, Japan and Mexico. The survey, conducted in August 2010, polled the opinion of 1,000 respondents aged 18 to 65+ years old in each of the six countries, totaling 6,000 respondents. The process utilized a combination of quantitative and qualitative methodology, spanning extensive desk and visual research, online consumer surveys, expert interviews and consumer case studies.
Contact: http://www.americanexpress.com
Contact: To download a PDF of the report, click here.
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