Is shopping behavior permanently muted?
Position | Recession |
With shopping behavior data and demographic trends indicating that an enduring shift has taken place as a result of the recent economic downturn, retailers and suppliers will need to adapt to consumers' new shopping behaviors to succeed in today's evolved marketplace and during the postrecession recovery, proclaims a report from PricewaterhouseCoopers LLP and Kantar Retail, New York.
Shoppers will be more deliberate and purposeful in their spending, as conspicuous consumption is being replaced by more conscious or practical consumerism. Rampant deal-seeking is being pushed out by more purchase selectivity and the use of shopping techniques and tools discovered during the ongoing recession. Additionally, the affluent segment of Generation X and the young Generation Y will lead spending in the recovery.
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"The recession has tempered rampant and excessive consumption, which has given way to more mindful choices as thrifty shoppers increasingly seek out online and mobile coupons, comparison shopping sites, and loyalty and rewards programs" notes Lisa Dugal, PricewaterhouseCoopers U.S. retail and consumer practice leader. "As consumers become more invested with using these tools in their shopping experience, retailers will have to adapt their strategies to appeal to this new generation of consumers."
Retailers need to make promotion and savings-related information more easily accessible across all shopper touch points. Furthermore, the explosion of online resources and new mobile phone shopping apps have made it easier than ever for consumers to find a specific item. This means it is imperative for retailers and manufacturers to...
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