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Sunday, August 9, 2009

The Post-Recession Consumer

This is the fifth of several posts this week covering my review of the July-August 2009 issue of the Harvard Business Review. I recommend getting a copy.

Understanding the Post-Recession Consumer by Flatters and Willmott looks at what post-recession consumers will look like. In short, like their great-grandparents of the Depression, the post Post-Recession consumers will be focused on thrift and simplicity.The authors, who have studied consumer forecasting and analysis for 20 years, have concluded that certain trends will slow and others will grow.
  1. Slowing Trends: Here are a couple of trends that will slow: the decline of deference (less thumbing their nose at institutions and authority); extreme-experience (less zip-wire or skydiving).
  2. Growing Trends: Here’s a couple that will grow: Demand for simplicity (less complicated stuff, more plug and play); Discretionary thrift (less squander, more squeezing the nickel—even by the wealthy). For anyone with a strong consumer-based business, this article is a must.
For more trends, read the article.

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