"Study Shows Consumers Value Thrift" was the headline and among the interesting tidbits that were expounded upon...
"The Bank of America Consumer Purchasing and Savings Habits survey revealed that ?prudent? purchasing behaviors are more common among consumers who are saving more, rather than less, of their money now than they were in January 2009:
- 75% of consumers saving more of their money are doing more research and comparison shopping prior to making a purchase, compared to 69% of those saving less.
- 62% of those saving more money seek more advice on products, compared to 42% of those saving less.
- 79% of consumers saving more money are dining in more often, as opposed to 70% of those saving less.
- 67% of consumers saving more money are entertaining at home more often, as opposed to 54% of those saving less.
- 44% of those saving more money are using rewards programs with retailers, compared to 38% of those saving less."
Now is the time to help our clients market to new consumer behaviors and trends, trends that will be with us as the recession winds down.