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Volume 3, Number 3
April 2009 Quick links
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A recent research report from a top consultancy finds that signs of an even deeper retrenchment in consumer spending are present. As the economic pressure mounts, consumers surveyed declared they are prepared to continue to rein in their spending on discretionary items such as leisure and equipment goods, with far more dramatic intended cutbacks than we are seeing today. The report suggests that, with long-term trends pointing to continued pressure on consumers' purchasing power, it is likely that many of these new approaches will become a permanent feature of the consumption landscape. Tactics that consumers indicated they are employing include: • Control spending. This is the tactic most employed by consumers as they attempt to reduce their overall spending and attain a degree of predictability in uncertain times. This is a threat for all goods, but particularly so for discretionary items such as eating out and holidays. • Replace only when needed. This tactic is especially popular in the case of big-ticket items such as cars, electronics, and furniture. • Do it yourself. This tactic sees consumers opting for self-made solutions (e.g., holding dinner parties at home instead of eating out at restaurants or letting go household help and cleaning themselves). • Seek value. Consumers under pressure think more critically about where they spend their money and what, exactly, they are getting in return, approaching high frills with a new degree of skepticism. • Shop smarter. Recession-stressed consumers who want to continue to consume the products they value may begin looking more aggressively for a good price, special bargains, and promotions.  To learn more about these and other great promotional ideas, visit us at www.mpellsolutions.com , email us at info@mpellsolutions.com or call 760-477-9261 and ask about the free gift with your next purchase. We’ve noticed that special incentives and promotions are taking a more dominant position in print, online, and media creative. The urgency for a truly compelling call to action is increasing in this tough economic climate.
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