As the economy changes, for better or worse, consumer behaviour will naturally change with it. This is why watching the economy comes a huge advantage for businesses as it allows them to be prepared for the changing behaviour of their clients.
Now as Britain enters the dreaded double-dip recession, it is a prominent red flag for a major market shift. Since the infamous credit ‘crunch’ became a reality in 2008, marketing experts experienced a noticeable change in the attitudes of consumers and called this new customer mind set: the Post-Recession Consumer.
After four years of living with a struggling economy, consumers of all incomes have been affected. They have adapted to a new economic climate in several significant ways and wise business leaders are constantly striving to adapt with them.
As all consumers are now less willing to borrow money for anything other than essential purposes, they are far more cautious with their money. They now look for and stick with brands they know and trust. Brand image is important, but the quality of the products and services your company offers – which your brand should reflect, is what will really reel customers in.
As well as being more money-conscious, customers are also more concerned with the long-term value of products and will hold out for deals; this is why promotions are perfect for catching the eyes of post-recession consumers. Customers are less responsive to deals these days, but not if the purchase will truly benefit them in the long-term.
These consumer attitudes should always be kept in mind during any marketing campaigns.
Important factors such as brand image, product value and worthwhile promotions can all be threaded into a complete brand strategy perfectly designed to make the best of a bad economy.
If you have any questions about catering to the post-recession consumer, then why not call us on 0207 226 0099 or contact us to find out more.