Webinar Panel Discusses Lasting Effects of Recession on Consumer Buying Behavior and Values
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Ray Jones
Dechert-Hampe Consulting
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Webinar Panel Discusses Lasting Effects of Recession on Consumer Buying Behavior and Values
NORTHBROOK, IL, October 21, 2009 – Dechert-Hampe Consulting (www.dechert-hampe.com) and RetailWire (www.retailwire.com) conducted a panel discussion webinar to reveal the results of a RETAIL:NEXT study, designed to provide new insight on recessionary shopping behavior and the implications for lasting effects on consumer values and buying patterns.
The complimentary webinar entitled Fad or Trend? Will Recessionary Shopping Behavior Continue? was composed of the study authors: Ray Jones, Managing Director, Dechert-Hampe; Ben Ball, Senior Vice President, Dechert-Hampe; and included D’Anna Hawthorne, Strategy Director, Miller Zell; with Al McClain, CEO, RetailWire, as moderator.
The consumer and the marketplace tend to react to events. The greater the impact of the event, the greater the reaction can be. The question is whether these reactions are simply short-term fads or represent real lasting trends. With success dependant on the ability to distinguish behavioral fads from trends in the coming months, the study sheds light on what some of retailing’s brightest and most informed are thinking. For example, a majority of the retail professionals surveyed felt that Americans will go back to their free-spending ways once they think the recession is over, except in those areas where they had already trimmed back, pre-recession. The study also found that the recession increased some psychological changes for shoppers that were already under way such as a new love for store brands and discount shopping.
The webinar panel also discusses a number of interesting findings based on respondents’ feedback:
- Money-saving adjustments made during the recession will turn out to be fad, such as buying smaller packages, bringing lunch to work, and trading down to cheaper brands;
- Behavior changes that were a reaction to the recession, such as cutting back on shopping trips and dining out, will fade away as soon as consumers feel good about the economy again; and
- Most respondents felt that the recession is easing; 65.8 percent think it will end in the next 12 months, while 2.9 percent think it's already over.
Download an Executive Summary of the Study Results or Download a recording of the full Webinar.
Dechert-Hampe Consulting (DHC) is a national sales and marketing consulting firm founded over 50 years ago, offering solutions that result in tangible change, measurable results, a competitive advantage and an enhanced return on sales and marketing investments. DHC has offices located in Orange County, CA, Chicago, IL and Fairfield County, CT.
