According to the Conference Board for Consumer Research, May was the third consecutive month with an uptick in consumer confidence. Additionally, a report by LEK Consulting found that consumers with an annual income of $100,000 or more were likely to have already recovered from the recession.
Consumers appear ready to increase their spending. A report by Javelin Strategy & Research noted that 84 percent of women and 79 percent of men plan to increase spending once the economy has improved. Interestingly, 41 percent of consumers surveyed said they plan to purchase clothing and accessories, while 34 percent plan to spend on electronics.
As confidence is spreading, more options for consumers to interact with brands is important.
A recent article by Internet Retailer’s Katie Deatsch highlights how having a multi-channel relationship with customers boosts loyalty. Deatsch points out that retailers with customer relationships across channels build greater loyalty because multi-channel shoppers often spend twice as much as the average non-multi-channel shopper.
Deatsch’s article also has some interesting stats on the future of online shopping. A recent study found that the number of online shoppers is steadily increasing, in part because of the convenience of the online channel. Of the shoppers surveyed for the report, 37 percent said they find better prices on the Web, and 14 percent said they the Web has a better selection than the traditional bricks-and-mortar stores.
The topic of providing customers with content that is coordinated across multiple direct digital marketing channels has been covered quite a bit here on The Lunch Pail and in the press. A recent article featured in 1to1Media outlines how a universal profile management system makes customer centricity a reality across channels.
How do you think customers will respond to the improving economic conditions?