Recession trend report
Retailwire has recently launched the results of a consumer survey that identified trends that have developed as a result of the recession. The findings are quite interesting. The link to the survey (it's an opt-in subscription database) can be found here.
Of note, 72.3% of respondents reported that they believed the recession will last up to another 18 months. 48% of respondents reported that buying less on credit cards is now a long-term trend. The majority of respondents reported making basic lifestyle changes as a result of the recession, including entertaining more at home, vacationing closer to home and eating out less.
Perhaps even more interesting is that 64.4% of respondents reported a commitment to buying more online for the long term. 72.1% of respondents are shopping with a price-conscious attitude and the majority admitted to leveraging business loyalty programs, using coupons and looking at store circulars.
If this survey provides a look at consumer attitudes and resulting behavior, it's a safe bet to assume that most business plans and strategies need to change in response. What is your business doing to adjust?