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aFashion Forwarda? Consumers Drive Apparel and Other Category Spending, Acxiom Study Finds

^{Published on 2010-06-30 09:15:37 - Market Wire}
 

LITTLE ROCK, Ark.--([ BUSINESS WIRE ])--With retail sales showing slight improvements, retailers selling apparel and other merchandise can look to the latest Retail Consumer Dynamics study by [ Acxiom^® Corporation ] (Nasdaq: ACXM), based on insights drawn from the BIGresearch^® Consumer Intentions and Actions^® (CIA^®) and Simultaneous Media Usage^® (SIMM^®) Surveys, for guidance on how to maintain momentum by targeting the right segment with the right mix of promotional tools.

"They spend more and they are the most likely to refer friends and colleagues to their preferred retailer."

aSuccessful apparel and brand marketers recognize the need to take a fresh and multi-faceted look at todaya™s consumer,a said Jim Harold, vice president for [ Acxioma™s retail group ]. aThis new study provides a particularly insightful view of consumers through the lens of fashion preferences and explores variations in each preference groupa™s intentions and expected shopping behavior a" and not just in the apparel category.a

The above-mentioned groups include:

• Fashion Forward a" Consumers who are looking for the newest trends and styles
• Conservative/Traditional a" Shoppers who prefer a more traditional look
• Value Driven a" Consumers who seek value and comfort rather than fashion

Research showed that of the consumers surveyed, half are Value Driven, 34 percent are Conservative/Traditional and 16 percent are Fashion Forward.

Though ita™s the smallest of the three groups, Fashion Forward women in particular spend on average 1.7 times as much on apparel as Conservative/Traditional women and 2.7 times as much as Value Driven women.

aSurprisingly, women in the Fashion Forward group a" regardless of income a" spend more on average than women of the other two groups,a Harold said. aFashion Forward women collectively account for 32 percent of total womena™s apparel purchases, which is approximately equal to the same dollar value as either of the other two groups.

aWhat they lack in numbers, they make up for in spending power. And to underscore their importance further, Fashion Forwards indicate an intention to spend roughly twice as much as other groups in categories such as electronics, home furnishings, sporting goods and health and beauty aids.a

Ita™s interesting to note that Fashion Forwards are not exclusively higher-income consumers and that half of the group has incomes of less than $50,000 annually. While Fashion Forwards are predominantly younger, their presence and influence can be found in all age groups. aThis group has what we call a multiplier effect,a Harold said. aThey spend more and they are the most likely to refer friends and colleagues to their preferred retailer.a

Acxioma™s study showed that regardless of type or market position, every retailer enjoys some share-of-wallet from Fashion Forwards. Even discount stores, which appeal to more cost-conscious consumers, draw one Fashion Forward woman customer for every six Value Driven women customers and one in 10 overall.

aIn terms of reaching the right consumers, the study showed younger segments are influenced by new media, such as Internet, email and social websites,a said Phil Rist, EVP, for BIGresearch. aYet all segments preferred well-established, familiar communications such as coupons, advertising inserts and in-store tactics.a

aThis is the kind of information thata™s not available on the surface,a Harold said. aOnly by using segmentation and analytics can retailers translate insights into practical applications. The full study, which goes into much greater depth, demonstrates how retailers can explore additional revenue opportunities and improve their marketing ROI by recognizing consumer groups according to similar shopping behaviors and product preferences.a

Please click [ here ] for a copy of Acxioma™s latest Retail Consumer Dynamics Study. For more information on Acxiom products and services, call 1-888-3ACXIOM or visit [ www.acxiom.com ].

About Acxiom

Acxiom is a recognized leader in marketing technology and services that enable marketers to successfully manage audiences, personalize consumer experiences and create profitable customer relationships. Our superior industry-focused, consultative approach combines consumer data and analytics, databases, data integration and consulting solutions for personalized, multichannel marketing strategies.Acxiom leverages over 40 years of experience of data management to deliver high-performance, highly secure, reliable information management services.Founded in 1969, Acxiom is headquartered in Little Rock, Arkansas, USA, and serves clients around the world from locations in the United States, Europe, Asia-Pacific and the Middle East. For more information about Acxiom, visit [ Acxiom.com ].

Acxiom is a registered trademark of Acxiom Corporation.

About BIGresearch

BIGresearch consumer intelligence provides analysis of behavior in areas of products and services, retail, financial services, automotive and media. The BIGresearch Consumer Intentions and Actions Survey (CIA) of 8,000+ respondents is conducted monthly and the Simultaneous Media Usage Survey (SIMM) of 20,000+ respondents is conducted semi-annually. More information is available at [ http://www.bigresearch.com ]

BIGresearch is a registered trademark of Prosper Business Development Corp.