Recessionary Consumers & Product Choice: Implications for 2009, examines the impact of the global economic downturn on the modern consumer. The world has enjoyed an unprecedented period of growth and the depth of the downturn has taken consumers and companies by surprise. This report looks at the implications of this and how consumers will change their behaviour across all product choices.
Scope
- Provides economic data on the depth of the downturn across 15 countries globally
- Draws on information from the global NCI survey and additional consumer data to understand how customers will react to the downturn
- Examines how behaviour towards financial services in general will change, as well as looking at what is most important in individual product choice
- Provides examples from the consumer packaged goods industry to help financial services companies find innovative methods of engaging their customers
Highlights of this title
The catalyst for writing this report, looking at consumers needs across financial services & CPG industries is The understanding that consumer attitudes are reflected across all of their purchasing decisions. Consumers confidence, their willingness and ability to spend their lack of trust in corporations cross all industry sectors.
Consumers have lost trust in financial institutions. Financial stability and value for money are at the forefront of consumers minds when choosing a provider of financial products. Trust needs to be rebuilt through leadership, something that is currently missing from the financial services world.
Recessions are part of the normal cycle of business & are thus inevitable. The current situation is a reminder that planning for recessions or downturns is as important as planning for good economic times. The mounting evidence of corporate failures & job losses at the beginning of 2009 shows the price of inadequate planning for the bad times.
Key reasons to purchase this title
- Insightful analysis documenting the drivers behind consumers increasingly recessionary attitudes and behaviours.
- Examination of how & why consumers recessionary concerns are changing product decisions in FS based on survey data from the second half of 2008
- Detailed action points offering practical strategies based on the trends and insights analyzed in the report
