Periodically, we like to check in on the state of postconsumerism in America (or for that matter the world). Today, we’re bringing you two updates. The first is some inspiring news about the state of credit cards in America. The second is some less encouraging news about the state of email marketing in America. Learning to let go of our culture’s consumer addiction and become immune to the media machine is a process both for individuals and for a society though, so we’re happy that at least there’s good and bad news!
The Number of Young People without Credit Cards Has Doubled!
According to a report on ABC, the number of young people without credit cards in hand has greatly increased. In 2007, only 8% of eighteen-to-twenty year olds didn’t have at least one credit card. However, by 2012 that number had entirely doubled to 16%, meaning that fewer young people are learning to live on a culture of credit. What’s the reason for this change? Experts say it’s most likely a combination of factors. A number of more educated young people may have simply observed the massive credit card debt problems that their parents experienced and chose to opt out of the credit system. The rises of debit cards and prepaid debit cards have reduced pure credit card use as well. Plus, surprisingly, it’s actually much harder for younger individuals to obtain credit cards these days. Since the 2010 Card Act, anybody under the age of twenty-one had to have a co-signer on the card or already make enough income to do full payments. The result is that credit card debt among eighteen to twenty-nine year olds is down more than 30%.
Of course, balance this good news with what you know: student debt is at an all-time high and individuals over forty years old have more overall credit card debt than they did in 2005. Still, change always starts with the younger generation, and a generation of young adults who aren’t immediately drawn into consumer credit culture is a good, good thing.
People are Still Buying Like Mad via Email Marketing
According to a professional 2013 email metric benchmarking survey, email marketing is alive and well and still one of the most powerful tools in the consumer media machine. When most of us think of the consumer media machine, we think of internet banner ads and television. But we all know that the consumer media machine runs deeply in channels well beyond that. In fact, much of it is in places that you don’t even think of, such as movie product placements and digital advertisements at your local gas station pump! However, we’ve been aware and advising (post)consumers that email marketing is among the most viral and effective ways to entice impulse purchases for several years now. Now the data backs us up!
Many people thought that the effectiveness of email marketing would dissipate as social media “took over.” But, in fact, the proliferation of mobile devices such as smart phones and tablets has turned the tide on email marketing. Open rates (the percentage of people who open a marketing email) and the number of people making purchases through them have actually increased. Why is this bad? Because purchases made via marketing emails are typically not well thought out or planned like in-store purchases are. They are an immediate response to an often “urgently presented” offer that results in the very essence of impulsive consumerism as a response to media. What’s the solution? Make sure that you’re unsubscribed from all of your marketing emails! We’re fairly sure that if you did the math on it you’ll realize that the money you “saved” through email promotional discounts is less than the money you spent from impulse purchases!
We believe that change takes time and that everybody needs to find their own comfort level with consumerism. If that means no credit cards and no marketing emails, then that’s great. But if it means only one reasonably used credit card and only marketing emails from your favorite brands, then that’s great, too. You need to find a spot where consumerism serves you, not owns you.
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Related Information
How Many Credit Cards Does the Average Consumer Have?
Why Should You Unsubscribe from Marketing Email Newsletters?
Photo Credit: 401(K) 2012 via Flickr
