In Weak Economy, Q1 Credit Card Direct Mail Decreases 14%

 Financial services companies are sending fewer direct-mail offers to consumers, according to Mintel Comperemedia, a division of Mintel International Group Ltd. The Chicago-based market research company estimates total financial services direct mail volume at 4.2 billion pieces in the first quarter, down 13% from 4.8 billion estimated mailings in the first quarter of 2007. Credit card issuers cut back the most, as Mintel estimates credit card mailings fell 14%, from 3 billion offers to 2.6 billion. Chase, Bank of America and HSBC reduced their direct mail by more than 15%, according to Mintel. Mortgage and Loan companies had a 6% decline in direct mail offers, Mintel says. "With credit lines tapped and people struggling to make ends meet, both consumer spending and savings are down," Chris Zagorski, senior analyst at Mintel Comperemedia, says in a statement. "Banks, card issuers and lenders have to look at today's consumers in a new light and find innovative ways to secure and maintain their business." In April, Mintel reported that credit card companies increased their mailings to consumers by 18% in 2007 compared with 2006, but changed their focus to cross-selling products to current customers from winning new customers