A New Consumer Emerges to Pull the Demand Chain, According to BIGresearch
(Columbus, OH; Feb. 12, 2002; Business Wire) Signs of an economic rebound are starting to filter through the clouds of recession, but the emerging portrait of the consumer landscape may be a lot different than in the past according to just released findings from the monthly Consumer Intentions and Actions Survey by BIGresearch. The survey was taken between February 3-7th and included the opinions of 7,400 people.``People are still buying but they are buying differently. Vacation travel has been trending up as a purchase intention over the past several months. This may signal the return of the family vacation as a way of spending more time with family. Also, consumers need to be enticed and the price value equation is definitely key in today's market, this will have a big impact on the bottom lines of companies or products that are positioned for a market which may no longer exist,'' said Joe Pilotta, Ph.D., Vice President of Research for BIGresearch.
Some characteristics of the new consumer are:
*More practical and purposeful in what they buy. 44.6% say they have become more practical and realistic in their purchases. 37.6% say they will increase their savings and 35.6% will decrease their overall spending over the next 3 months.
*Less brand sensitive. 93.1% say their feelings towards fashion are a preference for conservative traditional look or fashions that provide value and comfort. 68.1% say familiar labels aren't important when buying clothes. This is also apparent in the top 3 choices for where people buy their cosmetics, which are Wal-Mart , Walgreen's and CVS rather than traditional department stores.
*Opportunistic spenders. As a shopping strategy, 84% say they usually or only buy clothing when it's on sale. 46.2% say they are going to pay down debt.
*Uncertain towards the economy. 65.8% think it will take 6 months to over a year for the economy to get back to normal and 30.5% intend to pay with cash more often. Reflecting a need for greater security.
The new consumer may be a short-term phenomenon or a transition to a new Demand Chain market where consumer's new tastes and preferences will dictate. This phenomenon can also be seen in peoples eating habits, where 27.3% say they will eat out less often and 46.1% say they regularly or occasionally eat breakfast cereal for lunch and 44.2% for dinner. In addition, over 76% say they eat chicken 2 or more times a week.
About BIGresearch:
BIGresearch gathers consumer market intelligence from one of the world's largest online communities of over 60 million people. BIGresearch's monthly syndicated Consumer Intentions and Actions Survey monitors the pulse of over 5000 consumers to empower its clients with unique insights for identifying opportunities in a fragmented and transitory marketplace. Complimentary top line findings are available at http://www.bigresearch.com/.