More on Consumer Behavior Post-Recession

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More on Consumer Behavior Post-Recession

Nov 19, 2009 by Mark Maier

The Center for Media Research added to yesterdays post about the four types of consumers that have been created by the recession and added that this behavior is not just a cycle, it is long-term and the views that have been created during the recession destroy the old stereotypes and have created new divisions...

"Dr. Val Srinivas, Principal at Decitica, says, "This research... decisively shows that marketers need a fresh lens through which to view consumers in the post-recession world..." Specifically, this research concludes that:
1) The effects of the Great Recession on consumer behavior are so profound that many of the assumptions underpinning consumer segmentation are no longer valid

2) Marketing strategies that do not fully recognize the diversity of consumers' recession experiences won't have the desired potency in the post-recession world.

3) Many have accepted this radical change as the "new normal," and not just a cyclical phenomenon.

4) The recession has caused a profound, deep-rooted change in consumers' spending habits in favor a more restrained approach."

We have already seen statistics on increased consumer spending but will it ever get back to what was normal? That is a great question, research has shown that consumers will spend again and those buying decisions are created by circumstances...

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