Featured Article

article image

New Customer Norms for a New Time

American consumers have been changed by the great recession as of late, affecting everything from the way they shop, eat, and conduct business.  This article analyzes some new consumer habits, breaking down them into 4 specific type of consumer.

Steadfast and Frugal

This branch of consumers makes up one fifth of the American population, regardless of age, gender and income.  The ability to be frugal is often considered an ingrain personality trait. These people pride themselves on their control and restraint while shopping.  They tend to visit only one or two stores they are loyal to, and are often viewed as “cheap” by others. But maybe they’re onto something…

Involuntary Penny Savers

These people face a dilemma:  due to circumstances beyond their control, they MUST save while shopping.  Oftentimes, however, they don’t want to show restraint!  While they enjoy some luxuries, it is often difficult to afford them.  They have household incomes of less than $50,000, are largely in their 30s and 40s, and like the Steadfast Frugalists, six in 10 are women.  These people are more worried about the economy and future more so than any other groups- perhaps because their objects of desire remain the same, just with less income!

Pragmatic Spenders

These people, the rational shoppers, are 60% men and are located primarily in cities in the northeast and west.  But they have less to worry about: one third of them have a substantial income of over $75,000 a year.  Their spending patterns are also less likely to change by recession. 

Apathetic Materialists

The younger populations, apathetic materialists still spend money and are not concerned about recession impacts or spending habits.  Most of these people are in their 20’s, and with the living shift, unconcerned about their future.

Advice for Marketers

Marketers:  Consider which demographic you are dealing with here when creating a business plan. Consider age and gender divides, some listed above, as well as your geographical marketplace.  No matter who you are targeting, be aware of all the changes this latest recession has implemented. 

Privacy Policy - Terms of Use · All trademarks © their respective owners
© Copyright 2013 South Dakota State Business Network - All Rights Reserved