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Is Recession totally changing the consumer behaviour??

Created by : Rishi Khanna, Product/Brand Manager, Mirc Electronics  | 12 17 2008 07:43:31 +0000
Industry : Consumer DurablesFunctional Area : India(Markets)
Activity:  2147 views;  last activity : 07 06 2010 20:18:09 +0000

As there is financial crisis which is upon the world and recession at an all time high to go with it, it is making hard for the retailers to get business in these times, not only in the retail industry but also in the various other industry and businesses, but then all others are trying to woo the consumers with great discounts and offers, but then also the consumer spending is low due to the crisis, what do you think is it just for the time being or a total shift or change in the consumer behavior due to the current scenario...

What are your views on this....

 
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I  support the fact that recession is changing the consumer behaviour as well as the attitudes in the current retail market .The customer has become more loyal & they stick to the supermarket which gives them value for money . I am not sure how the income tracker of an average middle class family this year , but in UK an average family  has seen £ 156 less spending per month .

i CAN GIVE THE DIFFERENCE IN TRENDS

 

LAST YEAR -----------------------THIS YEAR

THE average cusimer was earlier frivolvous and irresponsible - now he is considerate and careful

EARLIER customers used to purchase complex ---ow simple products

opaque - noe prefer transparent

Earler retailers had to persuade - now honest

earlier it was all about ME - now family / friend are important

So the general  trend is spend less and save more money

Everybody looks for  the point of differentiation in their producrts and that is why the discounters are trying to prove . Sevice , Events and price holds as the golden key to drive in footfal

 
By Ramesh Panavalli, Manager - Walmart Global Procurement : Sourcing,Ethical Trading & Corporate Social Responsibility Wal-Mart Stores ASDA UK  02 24 2009 21:15:22 +0000
 
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Actually i am towards both yes and no but leaning more towards no because the recession is only a mindset for a few but neverthless affecting people down the chain. The worst hit are of course the lowest in the pecking order. Inspite of this the reason i say no is because once the condition becomes stable brands are obviusly going to increase their prices but this time the increase will be a market correction and not an artificial increase like in the boom time.

Hence brands wouldnt be able to command that much of a premium. The premiums will of course continue to be at a higher price but not at prices unaffordable like in the past. The middle class will continue to buy cheaper brands and the upper income will continue buying the premium ones more for snob value. So consumer behaviour actually doesnt change.

If a premium retailer like Marks & Spencer is on 75% discount throughout the year in a recessionary period, who wouldnt love to shop there. But let them roll back the discounts, then you will find only the richer class buying from there like earlier.


By Jaygopal Raghavan, Marketing Manager, Landmark Group  02 22 2009 12:00:29 +0000
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yes i agree with rishi on this recession is totaly changing the consumer behaviour, one is more careful on his spending, and on what he is spending,he will be more careful than ever before,you never know when the market becomes stable.
By Meena Deshmukh, Product/Brand Manager, Videocon Inds  | 12 19 2008 11:58:20 +0000
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According to me yes there is a change in the consumer behaviour in his spending, consumer's are not having money as they were having before due to the crisis and recession, before they were spending like anything with their fat wallets but nowaday's it has somewhat become lean and people are keeping a check on their spending behavior, so this is not only for the time being but this will completely change the attitude towards spending in future, where they will be more careful on spending their money...
By Rishi Khanna, Product/Brand Manager, Mirc Electronics  | 12 17 2008 07:45:45 +0000
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No

Since this is purly a temporary. That to this has not changed some of the groups at all. now also there is no such drasticle change in certain industry like FILM, property etc,

 
By Bellala Gopinatha Rao, Project Manager Promax Management Consultants  | 01 22 2009 01:23:08 +0000
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no its only momentary phasefor certain time period,,,  not having very much impact on customer behaviour or  attitute .
By varsha , Head/VP/GM-Quality, frac  | 12 17 2008 16:44:10 +0000
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yes i agree with christina, this is only temporary and people will start to spend again when they are having money, it is just that they are used to such lifestyles, and one will resort back to the old days when he or she has their wallet bulked up.
By Dayanand Deshpande, Senior Consultant, Ernst & Young  | 12 17 2008 09:22:38 +0000
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I agree with Rishi that due to recession one is spending less and due to this various businesses are affected, but it is just for time being and it will not totally change the behavior on how they spend, when they are having money again and when the markets become stable, one can see the uprise in the consumer behavior the way he spends...so until then all the businesses has to go through this lean patch for the next 12 months atleast....
By Christian Anews, Product/Brand Manager, Videocon Inds  | 12 17 2008 08:23:24 +0000
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