More than chocolate or car sales, the recent long weekend bookended by Valentine’s and President’s Day highlighted the importance of one consumer commodity: choice.
The extent that consumers value choice was demonstrated through a recent release from our business partner, CO-OP Financial Services that shared the positive news that spending was up during the holiday weekend – which also revealed the many different ways money was spent.
Here are some highlights of this study from February 12-14, 2013, and compared to cardholder spending from February 12-14, 2014:
- Cash withdrawals (individual number of transactions) were up by 18 percent.
- Restaurants showed a 20 percent increase in dollars spent year over year.
- Pay television services showed a 28 percent increase in dollars spent year over year.
- Grocery stores experienced 17 percent more dollars spent in their shops in 2014 compared to the previous year. Grocery stores were, in fact, the top merchant category for 2014, with three million separate transactions and $135 million in spend.
The fact that spending is on the rise and spread over a variety of different purchases also demonstrates the importance of another choice – of accessing the funds to make these buys. From offering access to cash through surcharge-free ATMs and Shared Branch locations, to mobile banking, offering as many access points as possible ensures that when members are ready to make that next purchase, your credit union is where they turn first.
More than offering this choice, marketing the convenience you offer (through direct mail, newsletters, and more) is a great way to promote both loyalty and member retention.
What is your credit union doing to promote choice?
Communications & Marketing Coordinator