After seeing some of the recently reported statistics regarding the intention of purchasers in the near future, we might think the days of being able to sell luxury items are over, certainly in the short term and maybe even the medium. Reuters recently quoted the chief executive of the British Retail Consortium, who said, “The rising cost of living has crashed consumer confidence and put the brakes on consumer spending.” Not a comforting bedtime story for those of us in email marketing.

It reports that retail spending was 0.3% lower this year, and there was an annual 3.1% annual growth to March. Quite clearly it has changed significantly recently. It is depressing, but are the suggestions of a consumer confidence implosion merely hyperbole? 

The problem with using overall statistics to base future email marketing campaigns on is that they are, as the name suggests, merely overall, and with our datasets we can, do and must, target. One set of statistics that divided affluence by five reckoned those in the bottom 20% were hardest hit. We all know that. Those from 21 to 40% were rated as half as badly hit. Those that straddled the halfway line were one eighth of the least affluent.

It is likely that there will be a degree of polarisation in the way those on your email marketing list will spend in the foreseeable future. It seems probable the least affluent, even if they are in need of a particular product, will tend to put off purchases while those in the next group up and in the middle will be exercising more care in purchasing. You need to work out which subscribers fall into which group. Depending on who populates your email marketing list, you might be looking at terrible news. On the other hand, one level up and a change of tactics might produce rewards, while the middle ground required minor modification.

It could be the time to focus on keeping subscribers rather than investing substantially in attracting new ones. Inflation tends to make people nervous. Nervous people are unlikely to change habits. Loyalty needs to be nurtured. Now is probably the time to consider offering greater value to those who’ve been on your email marketing lists for a time, and are high spenders. 

History should never be ignored, and previous situations that gave rise to similar concerns suggest that your subscribers might be looking for help with regards to what they should buy and why. Perhaps changing the tone of your next email marketing campaign, and including alternatives for those struggling, might increase the value of your relationship with your subscribers.

We have to interpret statistics. When they are averages, we need to delve a little deeper to discover what applies in our specific circumstances and, in the case of purchasing intentions, our email marketing list subscribers. Don’t just look to the frightening headlines; instead check the data they are, all too frequently loosely, based on. That’s where the information is. You want it as detailed as possible to give you enough to target.