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Press Release Americans Demand the Luxury of Leisure... Self-Actualization Drives Spending on Entertainment and Recreation Stevens, PA January 5, 2005 - American's have an insatiable appetite for entertainment and recreation which resulted in $705.0 billion in spending in 2004, an increase of 6.8 percent over 2003, according to a new Unity Marketing study Entertainment and Recreational Products Report, 2005, on consumers' entertainment and recreational product purchases. "That makes the business of entertainment and recreation among the fastest growing sectors in the consumer economy. By comparison, Americans spend more to be entertained that the entire GNP of Canada," said Pam Danziger, president of Unity Marketing and author of Why People Buy Things They Don't Need. "Powered by a feeling of entitlement, Americans bring a unique achievement orientation to how we 'recreate.' We want to accomplish something meaningful and measurable through our leisure pursuits." "For more Americans, particularly affluent consumers who have already achieved a high level of material well being, the goal of leisure and entertainment is to reach greater self-actualization," Danziger continued. Psychologist Abraham Maslow placed 'self-actualization' at the pinnacle of the hierarchy of human needs, to be satisfied only after the basic needs for food, clothing and shelter, safety, belonging, and esteem. According to Maslow, self-actualization refers to "man's desire for fulfillment…to become everything that one is capable of becoming." Marketers and retailers that sell entertainment and recreation products primarily serve consumers' self-actualization needs. Through the use of these products consumers gain a heightened sense of self and psychological satisfaction that is so vital in today's overstressed lifestyle. "Consumer spending on leisure and recreation will continue to grow in the next decade with the prospects for a new Leisure-Time Age to emerge around 2015 as the current Information Age wanes. Experiential industries will prosper in the future, including hospitality, recreation, entertainment, travel and tourism and other diversionary experiences and pastimes, as consumers seek new levels of psychological fulfillment," Danziger explains. Typical American spends almost $2,000 on entertainment goods In the latest survey among 1,000 U.S. consumers, books, magazines and newsletters (purchased by 74 percent of shoppers in the past year), prerecorded media (62 percent), and toys, dolls and games (50 percent) were the most widely purchased categories among a total of 11 entertainment and recreational products. Total consumer spending on these purchases was $1,834 on average. "For certain category of goods, notably audio and stereo equipment, books and magazines, computers and software for home, musical instruments and sporting goods and exercise equipment, shoppers favor the extra service they receive at specialty stores. But for everything else, such as prerecorded media, toys, dolls and games, photography equipment and supplies, pet accessories, TV, radios, DVD and VCR players and craft supplies, consumers shop mass merchants and discount department stores first," Danziger revealed. 'Fantasy Fred' and 'Frugal Francine' are most affluent Unity's research identified five psychographic market segments distinguished by different emotional needs for entertainment. For example, 'Fantasy Fred' finds meaning in his life by connecting with other places and times. This consumer, a highly educated, married baby-boomer with a $75k plus income, uses entertainment to expand his mind through new ideas and to express different aspects of his personality. 'Entertainment Alex' is the most active buyer of entertainment media and spends the most in the category. But Alex's lower income and younger age means he spends a significant amount of his disposable income in the category. 'Frugal Francine' finds entertainment in shopping for bargains, and is more involved in buying entertainment media than using it. An active consumer, Frances is more likely to be an upper-income married woman aged 25-to-54 years old with children. "These three segments make up two-thirds of the total entertainment product consumer market and represent the best prospects for marketers in the future. Through this study marketers will be empowered with new psychological insights about their consumers that will bring them more success," Danziger concludes. About the insights contained in the Entertainment and Recreational Products Report 2005
Also included are profiles of five different segments of entertainment consumers and the eight key trends that are shaping the market for these products in the future. The report can be ordered directly from this link: http://www.unitymarketingonline.com/reports2/entertainment/ About Pam Danziger and Unity Marketing Advising such clients as Lenox, Cartier, Herend, Crystal Cruises, Spring Air, Sears, The World Gold Council, The Conference Board and American Express, Danziger taps consumer psychology to help clients navigate and master the changing luxury marketplace. She is the author of the new book on luxury, Let Them Eat Cake: Marketing Luxury to the Masses-as well as the Classes, (Dearborn Trade Publishing, $27, hardcover) and the recently published book, Why People Buy Things They Don't Need: Understanding and Predicting Consumer Behavior (Chicago: Dearborn Trade Publishing, 2004). She has appeared on CNN's In the Money, NBC's Today Show, CNBC, CNN International, CNNfn, CBS News Sunday Morning, Fox News' Your World with Neil Cavuto, NPR's Marketplace and is frequently called upon by the Wall Street Journal, New York Times, American Demographics, Women's Wear Daily, Forbes, USA Today, Associated Press, Los Angeles Times, Chicago Tribune for commentary and insight. Unity Marketing publishes market research and consumer insight studies on the luxury market, jewelry, garden, pet accessories, home furnishings, gifts and collectibles, greeting card and stationery, tabletop, art and wall décor markets, as well as the Luxury Business newsletter. For media, Unity Marketing can make tables, charts and graphs available about the entertainment and recreational products market upon request. Contact: Pam Danziger, 717-336-1600  |
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