Anticipation…Making Me Waaaaait to Spend
In an economic downturn, it figures that consumers are going to cut back. But an interesting trend in contrast to previous downturns is that a large proportion of consumers were already cutting back in anticipation of their income declining. This finding was just one of many interesting insights Booz & Company discovered in their in-depth survey of 1,000 households conducted in September of 2008.
Richard Rawlinson breaks it down in a “Resilience Report” published today for Strategy+Business saying, “They [consumers] had begun shopping more frugally, driving less and spending less on restaurants and entertainment outside the home. And consumers expected to make even deeper cuts in their spending, given their gloomy outlook for the economy. But they had not switched brand loyalties or expectations.”
Middle market brands wanting to position themselves for growth should take heed of the survey’s findings. Rawlinson encourages companies that have successfully built up a distinctive combination of brand value, customer loyalty and savvy pricing can now use their success as a launching pad for further growth.
Read on to hear more of his insights at http://www.strategy-business.com/resiliencereport/resilience/rr00067b?pg=0
