Everyone in the media has a different take on the economy, how people are responding to it, and what its lasting impact will be. Certainly, “The Great Recession” is distressing millions who have lost their jobs and small and large businesses alike who are impacted by the new frugality of American consumers.
At Beacon Marketing, we have conducted research to see what the short—and potential long-term— implications of this economic climate will be. People are sacrificing dinners out, planning “staycations” and reaffirming their core values as they reconnect to families in non-monetary ways. Over the past year, our country has gone through an amazing shift in thinking, from vaguely being aware that the AIG issues would somehow affect them, to being horrified to open their 401K statements and find almost half of their savings gone, to experiencing the panic of the neighbors, the sister-in-law, the husband out of a job, to then adjusting to the necessary budgetary changes and finding the good in the materialistic cleansing taking place in this country.
Recently, in a discussion on MSNBC’s program Morning Joe with Joe Scarborough, Donny Deustch predicted that people would go back to their spending ways once we came out of this current turmoil. That’s not what our research indicates! In the same way that The Great Depression forever changed our grandparents into frugal savers who reused bits of tinfoil in the kitchen, our country will never be the same. Our preconceived notions that the stock market would always be a good place to invest, and that real estate always increased in value are forever gone. The research that we have done indicates that a much more permanent shift has occurred.
How is this impacting your industry? Your company? Your product line? If you are to understand how to market to this new mindset, you need to understand it. Find out how by calling Beacon Marketing today. We’d love to help you understand your consumer better so that you can refine your marketing efforts and navigate safely through these economic waters. Just as with our other high-profile clients, trust us to satisfy your research needs.