Many experts predict that new habits created in this current economic downturn will be long lasting. A recent article in US News by Rick Newman highlights the 17 ways consumer habits have changed. The impact is far reaching in regard to what people buy as well as how they buy.
The consumer is volunteering more, becoming more self-sufficient and doing away with the excesses they once “had to have”. Now is the time for you to rethink how you connect with consumers in your effort to meet their needs.
Here are Newman’s 17 Ways Consumers Are Changing:
- Less credit, more cash
- It is no longer about the monthly payment, but the total cost
- Greater suspicion of banks and business
- Being more resourceful
- Less brand loyalty
- Smaller is bigger
- Renting is popular again
- Less window shopping
- More closet shopping
- Food frugality
- More gardening
- Less waste
- Less healthcare
- More negotiating
- More volunteering
- Redefining success
Consider how you can help simplify the consumer’s life. For example, proactively call your customers when it’s time for their next appointment or service, instead of sending them a reminder notice and waiting for them to reach out to you.
The more you can do to make that connection, the better your business will adjust to this new consumer.
FYI – lowering your price is not the answer.