recession responses
Brands, retailers and shoppers have all been completely buffeted around in the recent economic meltdown. Few will emerge unscathed.
We wanted to shed some light on the gloomy subject. So we undertook an on-line survey with 1006 consumers (to be exact) to learn how the recession has impacted them and what’s happened to their shopping habits. And that was only at the beginning of April 2010.
Our research shows that alas, the majority of consumers do not think the tough times are over - but they have not all felt the pinch to the same extent. Here are the headlines:
But there’s not just one recession response
We’ve identified different consumer groups and can identify how many are Impervious (21%), Unaltered (22%), Prudent (28%), - right through to Knee Jerk Reactors (13%) and the totally Beleaguered (16%).
There are 6 coping strategies shoppers have developed
There are six different levers that consumers are using to adapt to the economic pressure. They can range from Violent Reining In, to Reappraising High Frills through to the Justified Splurges, with a few in the middle. Consumers don’t treat all categories the same. You need to understand how your brand fits within these new contexts.
There are 5 lessons that recession-hit brands need to know
These different responses have had some time to bed in. Don’t hang around for things to just get back to normal. We’ve pulled together some important insights from watching businesses, getting together with consumers and understanding the recession. Learning lessons doesn’t need to be just your problem. At Principles Strategy solving marketing problems is very much our thing.
We can come in and share these with you. We’ll be in touch first to ensure that we reflect your marketing issues. You’ll get fresh eyes that see things differently to produce unique perspectives.
It might even be fun too – remember fun?
So if you’d like us to come in and present the relevant findings to you, with no obligations – you can call Abby Pick on 0113 2262299 or email us at hello@principlesstrategy.co.uk .
Other publications have thought that our research was interesting too. Click below and have a quick read:
Consumer behaviour still in flux in UK
Research highlights the five new post-recession consumer types