Mobile user acquisition company Liftoff released a new report analyzing user behavior in mobile finance applications. The report showed that users spend more money on finance apps during summer months, rather than during tax season.
Liftoff’s report analyzed data from 11 “top finance apps” in the U.S., including apps used to check and manage credit scores, create budgets, protect against fraud, make payments and manage investment portfolios. The company analyzed 1.9 million app installs and more than 365,000 post-install events between June 2015 and February 2016.
The report showed that users purchased services in financial apps most in July, which accounted for 23.2 percent of all purchases during the measured time frame. Liftoff said consumers are 30 percent more likely to purchase a mobile financial service between June and October than in the months leading up to the U.S. tax season.
While more purchases were made during the summer, the report showed that 25.7 percent of all finance app installations took place in January. In addition, users were 30.7 percent more likely to install and register in a finance app in February than the average. Overall, Liftoff found that 75 percent of all users who register in a finance app do so within 10 minutes of installing the app.
Finally, Liftoff found the cost to acquire a registered user was $13.48 on average, with this figure being lowest in July ($10.84) and highest in December ($17.02). Liftoff said the summer and fall months were the least expensive time to spend on user acquisition, as the cost for a first-time purchaser was lowest in October, at $55.37, and highest in January, at $96.56.
The report reads:
Seasonality plays an important role in engagement with finance apps. Consumers are most likely to install finance apps and register for financial services during the winter, but purchase rates are at their lowest. With that in mind, marketers may consider adding re-engagement to their user acquisition efforts to turn more of their winter installs into valuable customers.
Liftoff’s full report is available here.