I just came back from a 'girls' weekend away with a wonderful group of women. And I took note!! All of us have now been impacted in one way or another by the recent economic downturn. And although the news reports that the economic downturn is improving, the impact we are facing is more real than ever. And do you know what? The recession actually had a direct impact on what we did and where we went!
- We chose a closer city to visit
- We stayed at a friends home Vs a hotel
- We chose a bring your own wine restaurant for our dinner out
- We ate in for two of the meals
- We all spent less when we went out shopping Vs prior years
"Some of the top lifestyle changes consumers are making to cope with the current economic state include:
- eat out less/eat in more
- turn down the thermostat
- be more efficient with my shopping trips
- buy less name brand products
- buy in bulk
- 52% of U.S. grocery shoppers said they plan to eat at home more often than last year.
- 96% of shoppers considered it important that any new product provide them value for the dollar.
- Over 80% of consumers said they will spend the same or more on essential personal care products as they did last year." http://shopper360.blogspot.com/2009/01/mind-of-american-grocery-shopper.html
So take note! Expect the changes in purchasing habits to continue throughout 2010. Consumers of all socio-economic background are adjusting to the new normal and re-evaluating their spending and the value equation. Here are a couple of ideas to consider for your business.
- Leverage 'home' entertainment themes
- Games Night
- Fine Dining at Home
- Kids Party's
- Bring back the 'family' dinner
- Communicate value
- Salon Vs dyeing your hair yourself
- Pizza delivery Vs at make it at home
- Brown bagging it
Good luck and good shopping!
