Posted by: David Kiley on July 23, 2009
A poll of chief marketing officers shows a plurality of them believe that the U.S. consumer has been permanently changed by the Recession in terms of buying habits and brand psyche. But a surprising number believe that the so-called “new frugality” is fleeting, and that consumers will be back to their old habits after 2010.
The BusinessWeek Brand New Day/CMO Club weekly poll asked the club’s membership: “Do you think that the US Consumer is really resetting his or her consuming habits for good, or will current cutbacks evaporate when the economy gets going again?
90 CMOs responded:
34.4% No – Back to old behavior after 2010
22.2% No – Back to old behavior in 2010
2.2% No – Back to old behavior in 2009
A few Quotes from CMOs in the club who responded:
“All our research supports new consumer approaches to spending to remain for at least the next 4-6 years. They will not jump back into big debt.”
“Jobs drive spending. When the jobs come back, consumer income comes back,then their spending comes back.”
“We have moved from messaging and company wide consumer delivery on quality regardless of cost to value for money and its working”.