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• Archived Blog Post

  Date / Time: 7/23/2008 5:50 PM UTC

  Cost-Conscious Consumers Seem To Be The Trend
  

   

  Cost-Conscious Shoppers Seem To Be The Trend
  by Jacqueline Taylor-Adams

  July 23, 2007 - The Media Mix Live! Marketing Madness Christmas In July Series today focused on consumer buying patterns.  The goal is to look at past buying patterns of
  your target audience and customers to help you prepare and target your audience for this holiday season.
   
  In 2008, we as a country and throughout the world are experiencing a recession.  Rising gas and food prices are changing the public's buying and living habits.   Cost-conscious consumers looking for value-based promotions seem to be the trend whether business to business, wholesale, or retail.

  So, prepare accordingly.  Value, the best bang for your buck, are the phrases of the day.  What is the emotion?

  Below are two articles; one focused on the United States, the other the UK, that speak to current buying habits of men and women.  These articles will provide you with valuable insight and thinking frames that will help you maximize your opportunities this holiday season.

  

  Consumers change buying habits, but will it last?
  7/20/2008, 10:15 a.m. PDT
  By ANNE D'INNOCENZIO
  The Associated Press   

  NEW YORK (AP) ? Adrienne Radtke plans to keep riding her bike to work even if gas prices drop. Steve Pizzini got rid of his Cadillac Escalade in favor of a 16-year-old Acura and doesn't expect to have another gas-guzzler.

  "I had a paradigm shift," said Pizzini, a financial analyst. "I spent the money on a nice car. But to me, it's not worth it. I don't think I will go that route again."

  Every economic downturn changes shoppers in some way. But this time, experts say the new behavior ? fueled by higher gas and food prices, tightening credit and a slumping housing market ? are the most dramatic and widespread that they have seen since the mid-1970s. READ ON

  

  Men and Women's Buying Habits Market Assessment 2008
  Key Note Publications Ltd, July 2008, Pages: 162
  
  This Market Assessment report is the fifth edition examining the main differences between men and women's buying habits. The report continues to reveal shifts in typical buying behaviour and activity by both sexes, as the balance of economic power between them converges. The report examines the buying behaviour of both men and women across six separate and disparate market segments: food and drink; toiletries, cosmetics and fragrances; clothing and footwear; magazines; the brown goods market; and cars.

  Although the cost of food and drink has begun to increase over recent months, the heavy price-cutting tactics of the major supermarkets have managed to maintain prices across many sectors. How long this will continue remains to be seen and it seems inevitable that the price of goods within UK supermarkets will rise as manufacturers, distributors and retailers all face escalating costs, which will ultimately be passed onto the consumer. In nearly three-quarters of all households in the UK, women do the majority of grocery shopping and are in charge of the budget for food and drink. Their higher propensity to seek out promotions and offers in store may help drive the sales of more value-based offerings.  READ ON

  • Tags:
  • consumer buying habi
  • trends
  • recession
  • spending patterns
  • business planning
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