Are You a 'Potentialist'?

Is there a new spending class in Canada? According to a survey commissioned by American Express, many Canadian adults can be considered 'potentialists,' people who are looking to shift their financial focus toward travel, philanthropy and satisfying personal experiences and away from traditional material possessions.

The 2009 survey identified 31% of Canadians as potentialists, up 3% from a year prior. AMEX research revealed that potentialists tend to be more optimistic than other Canadians, and happier with what they already have. But that doesn't stop them from dreaming big.

Thirty-eight per cent of respondents said they had a 'potentialist list,' which goes beyond the 'Been there, done that, crossing it off' feel of a bucket list. Potentialists are looking to enrich their lives and focus on their passions and goals, the most popular of which include travel, charity, learning a new language, and living in a different country. Perhaps owing to their optimistic outlooks, more than 94% of the group were confident they'd accomplish the items on their lists.
So how are these potentialists affecting spending? "The last year was a game-changer for many Canadians, and people really took the time to evaluate their priorities and their values," says Jeremy Gutsche, founder of TrendHunter.com and a consultant on the AMEX project.

"It's not that these consumers are against obtaining more material goods; their focus for their hard-earned money is to have something that has a long-lasting effect on themselves and their families," says David Barnes, VP of Communications for American Express Canada.

After identifying this group, AMEX launched its Realize Your Potential marketing campaign last year, aimed at helping consumers pursue their dreams by offering point rewards that align with what potentialists are seeking - not the latest technology or the car upgrade, but points to go toward travel to Italy, taking a cooking class or going for a hot air balloon ride with the family. So, now that there's a word for it, would you call yourself a 'potentialist'?