Retail Outlook ... The Consumer and their change of habits

Over the next few months I am sure we will be inundated with the research that will help us get through the economic storm. The first of these reports that I have come across is an Australian Retail Outlook Jan 2009 produced by Inside Retailing.

One section on consumer changing shopping habits caught my eye. In uncertain times consumers drift towards the products and businesses they can trust. Professionals tend to be the first to lower their spending habits as they are more in tune with the global situation, whilst the last group to reduce spending tends to be generation Y.  They are the least aware of the global trends.

Loyalty schemes will become more important especially as loyalty will be more difficult to get from customers as they shop around getting great price deals. Products in the “Conspicuous Consumption” category will be difficult to sell and will be slower to lift in sales after the recession. Customers will demand more service not less as the market slows down.

If you would like to read the full report it is available from Octomedia Pty Ltd Aus www.octomedia.com.au