Wednesday, April 14, 2010

Consumer Market Trends During a Recession

Today I'm sharing the Trendspotting presentation on what consumers are really up to for the final quarter of 2009.  As you might expect, consumers have cut back in many areas.  Not only that, but you'll see some conflicting data.  For example, consumers have cut back on their cell phone use and plans and yet the use of mobile devices has actually grown.

When I look at the report, what strikes me is that there is what I'd call a "reset" in consumer behavior.  When money was perceived to be plentiful (and I say perceived because so many consumers were living beyond their means), consumers were purchasing for the sake of purchasing, rather than simply purchasing to fulfill real needs and real demand.

[slideshare id=2273688&doc=recessioncrossindustryresearchreportslides-091019032000-phpapp01]

One thing that we might all be forgetting is that the money is out there.  It's just being used differently.  The key to those of us who are creating offerings is to put our efforts into understanding what is really important to consumers today.  In what ways can we re-focus our offerings to better match consumer needs?

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