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Note that this is a press release not an article, and that Deutsch is an advertising agency. Unfortunately it looks as if only one newspaper and/or wire service picked up on it. I'd like to see sentiment of the death of EJ's 'monthly payment consumer' spread far and wide.
http://news.prnewswire.com/DisplayRe...4984350&EDATE=
For the two month study, Deutsch conducted focus groups and in-home interviews and spoke to more than 175 people in New York, Detroit, St. Louis, Dallas, Chicago and Los Angeles and even attended a multi-generational family reunion for two days in Duck, North Carolina.
Key Findings
Results of this study and are being used to guide Deutsch clients through uncharted times and help them position their businesses for success in the short and long-term. "Some of the findings were quite surprising, yet all provide an invaluable peek into current consumer mindset," said Jeffrey Blish, Partner/Director of Account Planning, Deutsch Los Angeles.
Tidal shift from Conspicuous Consumption to Conscious Consumption - Consumers are spending less, but more importantly, they are spending smarter. After years of spending freely, they are paying closer attention, checking receipts, clipping coupons and questioning every purchase.
It's Bigger Than the Economy - Conscious, conservative behavior is the result of three converging trends: economy, environment and health. These "new grooves" of behavior will not go away when the economy turns, but will instead become habitual.
Huge Collective 'Sigh of Relief' - As bad as things are, consumers feel an odd sense of relief that the consumerism binge is over and that a positive outcome from this crisis will be more personal responsibility. Some consumers even expressed mild optimism that this will ultimately be good for our country.
Spending Up to a Point - The first expense cut will be eating out, followed by vacations, clothing and big ticket items. After years of luxury being democratized, luxury will become exclusive again.
Irrational Exuberance to Exuberant Rationality - Consumers are strategizing purchases like never before. Wal-Mart, Costco, Sam's Club and coupons are de rigueur, and consumers are taking it a step further by doubling up and timing coupons and rebates, trading coupons with friends and, in general, learning how to game the system to gain any advantage possible.
New Rules of Consumption present an opportunity for marketers to capitalize on the shift to new mantras:
From Value to Lasting Value - Products must last; experiences must be memorable
From "Why Not?" to "Why?" - Rational purchasing replaces impulse buying
From "Try" to "Tried and True" - Consumers won't risk dollars on the unknown
From "Me" to "We" - Less focus on consuming, more focus on community and family; people are sharing everything from DVDs to meals and coupons
http://news.prnewswire.com/DisplayRe...4984350&EDATE=
For the two month study, Deutsch conducted focus groups and in-home interviews and spoke to more than 175 people in New York, Detroit, St. Louis, Dallas, Chicago and Los Angeles and even attended a multi-generational family reunion for two days in Duck, North Carolina.
Key Findings
Results of this study and are being used to guide Deutsch clients through uncharted times and help them position their businesses for success in the short and long-term. "Some of the findings were quite surprising, yet all provide an invaluable peek into current consumer mindset," said Jeffrey Blish, Partner/Director of Account Planning, Deutsch Los Angeles.
Tidal shift from Conspicuous Consumption to Conscious Consumption - Consumers are spending less, but more importantly, they are spending smarter. After years of spending freely, they are paying closer attention, checking receipts, clipping coupons and questioning every purchase.
It's Bigger Than the Economy - Conscious, conservative behavior is the result of three converging trends: economy, environment and health. These "new grooves" of behavior will not go away when the economy turns, but will instead become habitual.
Huge Collective 'Sigh of Relief' - As bad as things are, consumers feel an odd sense of relief that the consumerism binge is over and that a positive outcome from this crisis will be more personal responsibility. Some consumers even expressed mild optimism that this will ultimately be good for our country.
Spending Up to a Point - The first expense cut will be eating out, followed by vacations, clothing and big ticket items. After years of luxury being democratized, luxury will become exclusive again.
Irrational Exuberance to Exuberant Rationality - Consumers are strategizing purchases like never before. Wal-Mart, Costco, Sam's Club and coupons are de rigueur, and consumers are taking it a step further by doubling up and timing coupons and rebates, trading coupons with friends and, in general, learning how to game the system to gain any advantage possible.
New Rules of Consumption present an opportunity for marketers to capitalize on the shift to new mantras:
From Value to Lasting Value - Products must last; experiences must be memorable
From "Why Not?" to "Why?" - Rational purchasing replaces impulse buying
From "Try" to "Tried and True" - Consumers won't risk dollars on the unknown
From "Me" to "We" - Less focus on consuming, more focus on community and family; people are sharing everything from DVDs to meals and coupons
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