Consumer priorities in a tough economy

Association of National Advertisers Brand Management Committee discussed the consumer view of purchasing in this economy and which categories are still seeing growth.

What are consumers thinking today?

• "Why do I have to pay more?"
• "I have choices, especially with private label products."
• "I'm delaying my purchase until I have a better sense of economic stability."
• "I'm looking for ways to save money and will consider brands with the most value for my money."
• "I'm making fewer shopping trips, so my trip has to count."
• "I'm carefully considering each of my purchases and doing more research prior to buying."
• "I still want convenience and to save time."
• "I look for special offers and coupons and will sacrifice my preferred brand if necessary."
• "I want my brand/company to know me (e.g. special attention from sales/customer service)."
• "I appreciate being rewarded (e.g. automatic discounts, frequent buyer cards)."
• "I want to be kept up to date on new trends."
• "I want to trust that you will be around and be confident in the product you are selling me (e.g. especially financial services and automotive)."
  

What are consumers buying more of?

• Beer.
• Lottery tickets.
• Comfort food.
• Cosmetics ("a little bag of happy").
• Short-term liquidity (e.g., money markets).
• Household safes.

Does this list sound familiar to you?