This report provides comprehensive and current information and analysis of the Marketing Financial Products market including Marketing Financial Products market size, anticipated market forecast, relevant market segmentation, and industry trends for the Marketing Financial Products market in the US.
As consumers change the way they learn about finances and consume different media sources, financial brands must respond in kind to remain relevant to the consumers they seek to reach. Fortunately for financial brands, consumers’ appetite for and response to financial marketing is growing across channels. An expanding consideration of intrapersonal sources, particularly social media, is driving people to broaden their consumption of financial information, with approachability and authenticity valued. Additionally, a highly volatile period of economic turbulence has caused consumers to respond in greater numbers to product offers in direct mail, email and digital spaces than they had four years ago.
Much of this increased response rate is driven by inflation, which has shifted the financial needs of more than three in four consumers. Non-essential spend is being curbed, and consumers are using credit cards more frequently to cope with rising prices. In this market context, products that allow consumers to save money are of paramount value, with rising interest rates penalizing overspending to an even greater degree.
This turbulence has resulted in ample opportunities for financial brands, although with associated threats. The sheer unpredictability of the economic environment has caused consumers to more regularly be in the market for new products, willing to respond to incentives and try out new solutions in areas such as debt consolidation and online investing. However, regular fluctuations in market context have also necessitated that financial brands be agile in their marketing, ensuring that their tone aligns with the frequently changing attitudes toward spending and investing over time.
Read on to discover more about the Marketing Financial Products consumer market, read our Financial Services in 2022 – US – 2022, or take a look at our other Financial Services research reports.
Brands include: American Express, Capital One, SoFi, Tally, Stash Invest, Greenwood Financial, OneUnited Bank, NerdWallet, ThePointsGuy.
This report, written by Patrick Rahlfs, a leading analyst in the Finance sector, delivers in-depth commentary and analysis on Financial Services Marketing trends to highlight current trends and add expert context to the numbers.
Financial services marketing requires an understanding of both how consumers are absorbing their financial information and the manner in which economic factors are affecting their attitudes toward product features and advertising themes. One silver lining of recent economic volatility is that responsiveness to financial marketing has risen alongside consumption of an increasing number of financial sources. With inflation impacting the financial needs of more than three in four consumers, features that promote inflation-adjusted savings are highly valued. While marketing theme preference varies by age, relatability is appreciated by a consumer group whose financial education is increasingly interpersonal. Shifts in marketing mix of different financial sectors lend insight into the way brands perceive the strengths of distinct channels – and how they will be used in the future.
Patrick Rahlfs
Senior Research Analyst
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