Preparing your marketing strategy for consumer spending changes

Now that U.S. consumers are coming out of their COVID-19 cocoons and the new term “revenge spending” is in motion, financial institutions may be wondering what categories they should focus on when it comes to promoting cardholder spend. This can be difficult to pinpoint, as the consumer’s return to pre-pandemic activities is multi-faceted and will vary based on geographical area and continued market shifts.

Discretionary spend will accelerate this summer. However, with inflation on the rise, it can be hard to tell if your financial institution’s marketing campaigns will be on target. During this time of transition, it is important for card usage campaigns to focus less on a single card promotion and more on cardholders knowing the benefits of their card and easily accessing it in your product line.

To help you prepare your financial institution’s marketing campaign strategy for increasing card usage in the new normal, here are some ideas to consider based on expected consumer spending trends over the next six months.

 

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