Sobering research but a lesson learned?

Quantifying The Impact Of Recession On Consumer Behavior

A new study from BIGresearch suggests that nine out of 10 consumers say that the current economic crisis is affecting their lifestyles and will do so over the next five years, with more than half of those surveyed saying that they will consider each purchase more carefully or will be more conscious about price. More than 46 percent say that they will be sticking more carefully to a budget, and more than 43 percent say that they plan to avoid large credit card debt.

While more than 49 percent of those surveyed believe that the economy will rebound to previous levels, 21 percent say that it will not and 28 percent say they remain uncertain.

“Marketers will need to understand that this ‘new’ consumer is one that focuses more on needs over wants, purchase price and an increased level of personal savings,” said Gary Drenik, President & CEO of BIGresearch. 

KC's View: Needs over wants. Focusing more on personal responsibility. And close to half of consumers have little or no faith in the economy’s ability to rebound.

Drenik is right. Attention must be paid, in the words of Arthur Miller.

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