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Amex study reveals consumers' shifting priorities

By Terry Poulton |

What priority shifts and top-of-mind aspirations has the economic downturn sparked among consumers?

That's what American Express set out to explore when it commissioned a study aimed at better understanding how to connect with its cardholders, post-recession. And the eye-opening results, released in mid-October, provide valuable insight for many other companies.

Bottom line? All the bad news and uncertainty are prompting a growing number of Canadians to prioritize rich life experiences over career and short-term monetary gain.

Some 37% of respondents said that the economic wake-up call has made them re-evaluate what is important in their lives, and 77% are now focusing more on their personal life experiences than on their careers.

About 28% of respondents - which the Amex report dubs "The New Potentialists" - cited growing interest in such "lateral living" pursuits as devoting themselves to charity work and embarking on a second career.

Topping the list of new priorities and aspirations are traveling the world, meeting new people and experiencing new cultures, which was listed as the number-one aspiration of 49% of respondents. About 36% said they'd like to spend more time enjoying a hobby, while 28% said they want to spend more time with their families.

Innovation expert Jeremy Gutsche, who consulted on the project, believes that what was revealed is a trend toward "chasing your personal dream."

Author of Exploiting Chaos and founder of TrendHunter.com, Gutsche says he believes that while people aren't about to give up their day jobs, "they are making time for themselves in addition to meeting their regular commitments in search of their own personal vision of meaning and fulfillment."



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