Austerity marketing

In this period of troubled economy, a shift in consumer behaviour has taken place. Research showed that consumers are re-evaluating their needs and cutting out nonessentials.

Consumers are taking a different approach to shopping and money management, they are being careful how much they are spending and how they are spending it. Consumers are seeking out the best value for their money. And they are balancing satisfactory purchases with discount shopping.

The end of these financial hard times isn’t near, so marketers should follow their consumers money-aware behaviour (that is said to be remaining long after rebound). They have to adapt their marketing strategies to this change in behaviour, to keep selling their products. All superficial manners to raise the sale figures, only work short-term. Clear value propositions, why offerings are worth consumers’ money, need to be spelled out. Consumers want to know what they are getting for their money. Especially luxury goods must bring real value to their comparably high price tags. This value proposition is now becoming a primary differentiator.

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