Displaying items by tag: Marketing in economic crisis
As a marketer, one of your job priorities is to understand your target consumer. We all noticed some changes during the recent economic recession. Many consumers switched to private labels from name brands, picked up the old standby of budgeting by using a shopping list, and many consumers started to save today and buy tomorrow rather than putting it on a credit card.
Spending, budgeting, and saving are three words that can create a lot of anxiety for many people. How much do I have to spend? Can I afford that? Do I really need that? Questions such as these often circulate through ones mind before, during, and after purchases. With our economic standing, overall spending has greatly decreased. Many studies have proven that since 2008 consumers are saving more and spending less than ever before.