North Texans are more likely to spend money under the influence of social media than cave to peer pressure.
According to Charles Schwab’s annual Modern Wealth Survey, one-third of Dallas-Fort Worth residents are influenced by social media to spend money on experiences.
To harness the modern word-of-mouth on social media, companies are changing how they are marketing their products on Facebook, Pinterest and other platforms.
“We’ve just finished doubling the size of our photo and video studio to accommodate the demand in space,” said Erik Radle, CEO of Dallas-based Miller Ad Agency. “There’s increased demand for that short-form video because it’s the most reactive thing you can get on a Facebook or Instagram. It’s just that six to eight seconds (of exposure).”
Companies in entertainment, health and travel often do well because they have a visual product, Radle said. However, consumers are also demanding high-quality, curated feeds if they are going to interact with brands.
“People are finding out that the content has to just sing. It has to just dazzle,” Radle said. “We’re spending a lot of time doing photo shoots because the days of stock photography being meaningful on social media are over. That just doesn’t cut it anymore and will get you ignored.”
Respondents didn’t blame brands or friends for their attempts to keep up with the Joneses’ finsta accounts. The survey found that residents ranked social media as the worst influence on their spending habits, while their friends and family were on the opposite end of the spectrum.
Gen Xers and Baby Boomers said they were more likely to pay attention to their friends’ spending habits than their savings. Overall though, the two generations were significantly less likely to be influenced by their friends — either in real life or on their Instagram story.
Overall, more North Texans wonder more about how their friends afford what appears on their feeds than the average American, while a majority of residents in DFW live paycheck to paycheck.
