LITTLE ROCK, Ark.-Young adults just starting out may be a stronger-than-ever target for retail banks-just one of several findings from Acxiom Corporation's inaugural Retail Banking Consumer Dynamics study, designed to help marketers understand shifting consumer behaviors emerging from the recession.
Young adults are avoiding running up debt, becoming consumers to watch as they take advantage of favorable conditions to make large-ticket purchases such as homes and furniture, Acxiom said. "It's a unique time to establish relationships with these young customers and communicate with them about products such as mortgage financing, retirement savings and investment education," said Randy Watson, Acxiom VP-account management.
Young adults in the "Starting Out" segment are in tune with today's real-estate values, mortgage rates and tax credits, the study found. Most young adults may have modest means, but these consumers are more likely than the other 11 segments to purchase a home within the next six months. Among the other findings:
• Nearly every consumer has made adjustments in response to economic pressures, with 38% of respondents focused on paying down debt, and one in four customers will shop around before buying financial products.
• Mainstream and Retired consumers are more likely than Affluent consumers to prefer local or community banks, while Affluent consumers lean toward national or super-regional banks.
The study found 32% of respondents said they would consider distributing their business across multiple institutions, indicating that consumers are still wary of financial institutions and prefer to spread their risk across banks.
