Tuesday, May 12, 2009

The Pew Research Center measured a number of categories for a chart called "Belt-Tightening in Bad Times." Here are a few of their insights:
  • 57% bought less expensive brands or went to discount stores
  • 28% cut back on alcohol and/or cigarettes
  • 24% reduced or cancelled CATV or satellite TV subscriptions
  • 22% reduced or cancelled a cell phone plan
  • 21% made plans to plant a vegetable garden
  • 20% took over yard work / repairs formerly contracted out

In a recent Gallup poll had a few additional interesting trends:

  • 32% of people surveyes say that not only have they been spending less over the past few months, it has become their "new normal"
  • 27% are saving more and call it the "new normal"
  • 9% are saving on a temporary basis

Here is the reality of business marketing moving forward...bells and whistles are out and thrift is in. As you look at your business you may want to pay less attention to the fluff that has worked in the past. Rather, you should focus your marketing efforts on how what you do will produce a savings in some way or last longer.

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