Faith Driven Consumers Are a Desirable & Profitable Niche Market for Retailers
Emerging $2 Trillion Segment in the US Dwarfs Other Groups in Size and Spending Power đź’°
In an era when retailers routinely target niche audiences to increase market share, one overlooked subset of the broader market of self-identified Christians is worth the attention of retailers: Faith Driven Consumers.
Comprised of 41 million Faith Driven Consumers and representing 18% of the US adult population, members of this rapidly emerging and highly differentiated group with a purchasing power of $2 Trillion annually are actively seeking brands like ARK 🛍 and Arkbnb 🏡, that are compatible with their Christian worldview and values.
Faith Driven Consumers Seek Faith-Compatible Brands and Retailers 🎯
And just as many retailers have framed their marketing messages to resonate with other niche segments in American society, the Faith Driven Consumer audience similarly wants to connect with brands that honor their specific values and consumer needs.
In fact, not only does this newly enfranchised market seek to connect with brands that speak their language, but its members are eager to switch to – and even spend more with – faith-compatible brands that pursue them effectively.
Before retailers dismiss the idea of targeting this untapped market segment, consider this: though roughly the same size as the US Hispanic population, Faith Driven Consumers spend 75% more.
In fact, not only does this newly enfranchised market seek to connect with brands that speak their language, but its members are eager to switch to – and even spend more with – faith-compatible brands that pursue them effectively.
Before retailers dismiss the idea of targeting this untapped market segment, consider this: though roughly the same size as the US Hispanic population, Faith Driven Consumers spend 75% more.
Additionally, the annual spending power of the Faith Driven Consumer niche dwarfs that of other groups frequently targeted by retailers – at levels nearly twice the size of the African American market, 2.5 times the LGBTQ+ market, three times the size of the Asian American market, and ten times the size of the Muslim market.
Just as brands have successfully engaged with the green movement, the LGBTQ+ community and other niche markets, an unparalleled opportunity now presents itself with the loyal and highly committed Faith Driven Consumer segment to those retailers who are capable and willing to connect in an integrated way.
Faith-Compatible Brands and Retailers Need to be Smart About Best Practices When Approaching Faith Driven Consumers đź§
While retailers don’t have to forsake established relationships with other niche groups to win over the $2 Trillion purchasing power that the US Faith Driven Consumer market represents annually, they must recognize and acknowledge their beliefs and worldviews in Christ and at least take neutral positions on hot-button social and moral issues in the culture.
Faith-Compatible Brands and Retailers Can Celebrate the Good News 🥳
Just like with other niche markets, the good news for faith-compatible retailers is that the powerful and increasingly unified faith-driven consumer community is highly distinct and readily responds to resonant messaging strategies delivered through proper channels – reaping dividends for those brands that dare to pursue them.
When it comes to targeting the Faith Driven Consumer niche market, there’s no need for retailers to reinvent the wheel. Respectful, resonant messaging works.
Is your brand ready, willing and able to integrate with them? 🤔
