Reportlinker Adds Targeting Emerging Consumer Segments The Conscientious Consumer

NEW YORK, Feb. 4 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

Targeting Emerging Consumer Segments The Conscientious Consumer

http://www.reportlinker.com/p0175732/Targeting-Emerging-Consumer-Segments--The-Conscientious-Consumer.html

Introduction

Regardless of affluence, Conscientious consumers have emerged from the recession with the flexibility to repay their debts on time every month, and this reliability along with other key attitudes and behaviours mean they are represent a valuable segment for FS providers to target. Providers must understand what these consumers want and how their Conscientious status influences their behaviour.

Scope

*Using data from our global FSCI survey this report profiles the attitudes and behaviours of the emerging Conscientious consumer segment

*The report identifies these consumers and analyses the drivers of their future behavior

*The report provides concrete actions for FS providers to position themselves competitively in order to capture a share of the Conscientious wallet

Highlights

Their appetite for notice savings accounts matches that of instant access savings, and yet a significantly higher number look to other providers for this product. The apparent preference for holding instant access savings products with the primary bank is therefore misleading.

Though seemingly debt-averse, Conscientious consumers have more credit cards than the average consumer. Since Conscientious consumers pay off their debts every month, this would therefore imply that they are attracted to credit cards for some other purpose not because they require credit, but because their credit cards offer some other value.

The very term 'Conscientious' implies concern for more emotive factors surrounding product choice. Datamonitor's findings confirm that green or ethical concerns are a key part of the value they seek in their products, and this is significantly more important to this segment than it is to the average consumer.

Reasons to Purchase

*Access the results of Datamonitor's Global FS Consumer Insight survey in order to profile this key emerging Conscientious segment.

*Identify why the Conscientious consumers are potentially the most profitable segment and predict their future behaviors.

*Identify strategies you can take to effectively gain share of the Conscientious wallet.

Overview 1

Catalyst 1

Summary 1

Methodology 1

Table of Contents 2

Table of figures 3

Table of tables 4

Introduction 5

Customer segmentation is vital for an effective marketing strategy 5

The recessionary environment is forcing providers to make tough decisions 5

Identifying fads as opposed to long term trends is important 5

Conscientious consumers are a valuable target for providers 6

The Future Decoded 7

Trend: Lower numbers of Conscientious consumers have emerged than expected 7

Insight: Financial pressures do not dictate Conscientious behavior 8

Conscientious consumers are found in the fastest growing emerging markets 9

Higher number of Conscientious consumers in China are due to reinforced confidence about the state of their economy relative to others and builds on cultural foundation of prudence 9

Russia has disproportionately few Conscientious consumers compared to other emerging economies 11

Insight: Demographic and lifestage findings have had some bearing on the emergence of Conscientious behavior 12

The emergence of Conscientious behavior has been more prevalent amongst younger Accumulators 12

Australia has a surprising number of older Conscientious consumers 13

Japan has no young or old Conscientious consumers 13

Employment status has also influenced the emergence of more conscientious behaviour 14

Australia contains significantly more recently unemployed Conscientious consumers than elsewhere 15

Demographic and lifestage influence should not be overstated 16

Trend: Conscientious consumers have a greater appetite for FS products than the average consumer 17

Conscientious consumers in the UK are particularly receptive to instant access savings accounts 19

Notice savings accounts in India are more popular than elsewhere 20

Life insurance is relatively unpopular in Australia 21

Credit cards are most popular amongst Conscientious consumers in Japan, Singapore and the US 22

Insight: Though seemingly debt-averse, Conscientious consumers have more credit cards than the average consumer 23

Conscientious consumers favor pre-paid cards more than most 24

Conscientious consumers are predictably attracted to savings and insurance products 24

Conscientious consumers are likely to be regular savers 24

Conscientious consumers have more pensions and life insurance as well as travel, home and health (etc) insurance 24

Insight: Conscientious consumers are financially intelligent 24

Conscientious consumers apply financial intelligence to their product choices, and are keen to shop around 25

Conscientious consumers are also price-driven 26

'Conscientious' does not mean 'risk-averse' 26

Conscientious consumers in all countries are financially aware 26

Conscientious consumers in the US are more Conscientious than others 26

Conscientious consumers in Australia, Japan and Singapore are actually slightly less financially intelligent than average 27

Brazilian and Indian Conscientious consumers are at odds in terms of financial awareness 28

Insight: Conscientious consumers still have higher than average product holdings with their primary bank and represent a key cross-selling opportunity 29

Conscientious consumers in France are by far the most loyal to their primary bank 30

There is still an opportunity for non-primary bank providers to capture share of the Conscientious wallet 31

Insight: Conscientious consumers are more trusting than the average consumer 32

Conscientious consumers have had less negative experiences 32

Conscientious consumers in different countries feel different about governmental and bank responses to the crisis 33

Conscientious consumers in the UK and US feel very differently about the way the crisis has been handled by their banks 34

Conscientious consumers in China and Singapore are positive about governmental control and confident that their banks are protecting their money 34

Insight: Conscientious consumers are receptive to financial advice through a wide variety of sources 35

Conscientious consumers can afford professional advice but still shop around for the best deals 35

For new players entering the industry, proof of financial stability is vital 36

The Conscientious segment are particularly drawn to products with green or ethical credentials 37

Conscientious consumers in all countries like a wide variety of sources of advice available to them, but cross-country preferences differ 37

Conscientious consumers in the US are comfortable making their decisions through online research rather than using other sources of advice 37

Australian Conscientious consumers are comfortable with their financial decisions despite not being overly receptive to advice 38

Chinese CC's are receptive to all forms of advice 39

Trend: Conscientious consumers are optimistic about the future 40

Conscientious consumers have had a better than average experience over the last 12 months 40

Insight: Conscientious consumers' future actions are aligned with their positivity 41

Conscientious consumers intend to pay more into their savings but cut back on insurance premiums 42

Conscientious consumers also plan to maintain their quality of life 43

Conscientious consumers in all countries are disinclined to spend more money in the future but attitudes towards savings for the short-term and investing for the long-term vary 44

Australian and German Conscientious consumers would rather focus on long-term rather than short-term savings 44

Conscientious consumers in the UK are still disinclined to save for either the short- or long-term 44

Action Points 46

Action: Emerging markets can provide valuable lessons for FS providers 46

Action: Target Conscientious consumers with innovative regular savings products 47

Financial stability is of biggest importance to the Conscientious segment 48

Do not offer them high cost / low risk products 48

Action: Datamonitor's Megatrend Framework can help identify strategies for targeting this segment 49

Target Conscientious consumers through the Comfort Megatrend 49

Conscientious consumers desire elements of the Connectivity Megatrend in their financial needs 50

Harness new connective technology 50

Experiment more boldly with Web 2.0 technology 50

Ethical consumerism is a key component of the Connectivity Megatrend 52

Capture Conscientious consumers through highlighting the Convenience of the offering 53

APPENDIX 54

Data tables 54

Methodology 74

Definitions 75

The Datamonitor Financial Services Consumer Insight Megatrend Framework 75

Authenticity 75

Comfort 75

Connectivity 75

Convenience 75

Individualism 75

Wellbeing 76

Demographic Complexity 76

Financial Intelligence Complexity 76

Lifestage Complexity 76

Wealth Complexity 76

Further reading 76

Ask the analyst 77

Datamonitor consulting 77

Disclaimer 77

List of Tables

Table 1: Conscientious and Non Conscientious consumers segmented by country 54

Table 2: Degree to which household financial situation has worsened over the last 12 months versus percentage of Conscientious consumers, segmented by country 55

Table 3: Conscientious consumers segmented by age 55

Table 4: Conscientious consumers segmented by age and country 56

Table 5: Conscientious consumers segmented by employment status 56

Table 6: Conscientious consumers segmented by employment status and country 57

Table 7: Average product holding amongst Conscientious and global consumers 58

Table 8: Product holdings amongst Conscientious and global consumers (those with two or more) 59

Table 9: Instant access savings holdings amongst Conscientious consumers, segmented by country 60

Table 10: Notice savings account holdings amongst Conscientious consumers, segmented by country 61

Table 11: Life insurance holdings amongst Conscientious consumers, segmented by country 62

Table 12: Credit card holdings amongst Conscientious consumers, segmented by country 63

Table 13: Indicators of financial intelligence amongst Conscientious and global consumers 64

Table 14: Indicators of financial intelligence amongst Conscientious consumers, segmented by country 65

Table 15: Non current account primary bank product holdings amongst Conscientious and global consumers 66

Table 16: Non current account primary bank product holdings amongst Conscientious consumers, segmented by country 67

Table 17: Products held with primary bank amongst Conscientious and global consumers 68

Table 18: Indicators of trust amongst Conscientious and global consumers 69

Table 19: Opinion of bank handling of the crisis and governmental intervention amongst Conscientious consumers, segmented by country 70

Table 20: Steps before making financial decisions amongst Conscientious and global consumers 71

Table 21: Steps before making financial decisions amongst Conscientious consumers, segmented by country 72

Table 22: Expectations for the future amongst Conscientious and global consumers 73

Table 23: Actions over the next six months among Conscientious and global consumers 73

Table 24: Actions over the next six months among Conscientious consumers, segmented by country 74

List of Figures

Figure 1: Lower numbers of Conscientious consumers have emerged than expected 7

Figure 2: Financial pressures do not dictate Conscientious behavior 8

Figure 3: The emergence of Conscientious behavior has been more prevalent amongst younger Accumulators 13

Figure 4: Australia has a surprising number of older Conscientious consumers 14

Figure 5: Employment status has also influenced the emergence of more conscientious behaviour 15

Figure 6: Australia contains significantly more Conscientious consumers who are recently unemployed than elsewhere 16

Figure 7: Conscientious consumers have a greater appetite for FS products than the average consumer 18

Figure 8: Conscientious consumers are almost doubly likely to have two or more of each product than the average global consumer 19

Figure 9: Conscientious consumers in the UK are particularly receptive to instant access savings accounts 20

Figure 10: Notice savings accounts in India are more popular than elsewhere 21

Figure 11: Life insurance is relatively unpopular in Australia 22

Figure 12: Credit cards are most popular amongst Conscientious consumers in Japan, Singapore and the US 23

Figure 13: Conscientious consumers are financially intelligent 25

Figure 14: Conscientious consumers in the US are more Conscientious than others 27

Figure 15: Conscientious consumers in Australia, Japan and Singapore are actually slightly less financially intelligent than average 28

Figure 16: Brazilian and Indian Conscientious consumers are at odds in terms of financial awareness 29

Figure 17: Conscientious consumers have higher than average product holdings with their primary bank 30

Figure 18: Conscientious consumers in France are by far the most loyal to their primary bank 31

Figure 19: There is still an opportunity for non-primary bank providers to capture share of the Conscientious wallet 32

Figure 20: Conscientious consumers are more trusting than the average consumer 33

Figure 21: Conscientious consumers in the UK and US feel very differently about the way the crisis has been handled by their banks 35

Figure 22: Conscientious consumers can afford professional advice but still shop around for the best deals 36

Figure 23: Conscientious consumers in the US are comfortable making their decisions through online research rather than using other sources of advice 38

Figure 24: Australians are not keen to take advice from family and friends 39

Figure 25: Conscientious consumers in Brazil are most confident in seeking advice from their primary bank 40

Figure 26: Conscientious consumers' are optimistic about the future 41

Figure 27: Conscientious consumers intend to pay more into their savings but cut back on insurance premiums 43

Figure 28: Conscientious consumers in the UK are still disinclined to save for either the short- or long-term 45

Figure 29: SmartyPig has created an innovative savings platform 48

Figure 30: ING Direct has employed innovate use of Web 2.0 technology 51

Figure 31: SmartyPig has also harnessed Web 2.0 and social networking to appeal through Connectivity 52

Figure 32: Virgin's Climate Change ISA is a prime example of ethical and green credentials 53

To order this report:

Consumer Trends Industry: Targeting Emerging Consumer Segments The Conscientious Consumer

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