American Express: New Insights Into Changing Consumer Spending Trends
American Express has released “new trends and insights into consumer spending patterns including some surprising purchasing decisions and trade-offs being made at the point of sale. The publication, Harnessing the Opportunity, from the American Express Business Insights group, provides a unique view of trends developing based on aggregated consumer spending data over the past three years.”
This is an especially powerful tool in today’s environment because it’s based upon actual behavior and actions—not what people say they’ll do, think they should do, or recall that they might have done.
A sampling of the findings includes:
- Consumer spending was affected more by housing prices than by employment
- For affluent consumers, education, pets, and healthcare/medical products and services were higher priorities than for the overall population
- Throughout the downturn consumers maintained spending on mobile phone services
- The number of times consumers gave to charities went up significantly though overall dollars given declined during the recession
For details of these findings, and for commentary from leading behavioral economists Dan Ariely, Robert H. Frank and Richard Thaler, please visit http://www.americanexpress-digital.com/harnessingopportunity/ho201004#pg1 Harnessing the Opportunity is the third publication in the American Express Market Insights series. About American Express American Express is a global services company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at www.americanexpress.com and connect with us on www.facebook.com/americanexpress, www.twitter.com/americanexpress and www.youtube.com/americanexpress.
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