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Wednesday, June 22, 2011

The Power of the Post-Recession Consumer

The title of this blog is the name of a report by Booz&Co.

I don’t think I would call it the post-recession consumer more like pre-stability consumer.

The premise of the article is the following
Consumers are now more focused on community, connection, quality, and creativity. People are returning to old-fashioned values to build new lives of purpose and connection. They also realize that how they spend their money is a form of power, and are moving from mindless consumption to mindful consumption, increasingly taking care to purchase goods and services from sellers that meet their standards and reflect their values.
I have to say that all sounds a bit like wishful thinking and somewhat moralistic. The idea that hardship “brings out the best in people”.

The research believes that these changes apply across the gender/age/income spectrum, which is an interesting, conclusion.

I am a great believer that upheavals in the financial markets and the impending sense of doom about the fast unravelling national budget deficits is having a significant impact on consumer spending.

However, I think the consumer reaction will depend greatly on the financial stability of the individual. There might be some mega waves of change that affect all consumers but I cannot believe they are significant compared with change factors that are lifestyle specific. Dick Stroud

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