‘Fashion Forward’ Consumers Drive Apparel and Other Category Spending, Acxiom Study Finds
June 30 2010 - 12:07PM
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.
“Successful apparel and brand marketers recognize the need to
take a fresh and multi-faceted look at today’s consumer,” said Jim
Harold, vice president for Acxiom’s retail group. “This new study
provides a particularly insightful view of consumers through the
lens of fashion preferences and explores variations in each
preference group’s intentions and expected shopping behavior – and
not just in the apparel category.”
The above-mentioned groups include:
- Fashion Forward – Consumers who
are looking for the newest trends and styles
- Conservative/Traditional –
Shoppers who prefer a more traditional look
- Value Driven – 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 it’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.
“Surprisingly, women in the Fashion Forward group – regardless
of income – spend more on average than women of the other two
groups,” Harold said. “Fashion Forward women collectively account
for 32 percent of total women’s apparel purchases, which is
approximately equal to the same dollar value as either of the other
two groups.
“What 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.”
It’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. “This group has what we call a multiplier effect,”
Harold said. “They spend more and they are the most likely to refer
friends and colleagues to their preferred retailer.”
Acxiom’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.
“In terms of reaching the right consumers, the study showed
younger segments are influenced by new media, such as Internet,
email and social websites,” said Phil Rist, EVP, for BIGresearch.
“Yet all segments preferred well-established, familiar
communications such as coupons, advertising inserts and in-store
tactics.”
“This is the kind of information that’s not available on the
surface,” Harold said. “Only 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.”
Please click here for a copy of Acxiom’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.
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Acxiom (NASDAQ:ACXM)
Historical Stock Chart
From Jul 2023 to Jul 2024