The convergence of three major forces has created the most challenging economic and consumer environment in the United States in over 50 years:
- The collapse of the financial and credit markets
- A severe collapse in consumer confidence
- Deterioration in the employment market
Manufacturers and retailers are under significant pressure to re-examine their marketing and sales strategies in order to navigate through the tough market conditions. However, strategies and tactics based on traditional assumptions, models, trends and consumer dynamics are not likely to produce desired business performance.
Dynamic consumer response and preference measurement mechanisms are required to create the blueprint for successful pricing, promotional and brand development tactics.
The Emerging Consumer Consortium is a major research initiative managed by Strategic Marketing Sciences and Dechert-Hampe in conjunction with e-Rewards Market Research, Consumer Perspectives and Middlegame Marketing Sciences. The objective of the Consortium is to provide forward-looking pricing, promotional and retail strategies based on expected changes in the consumer environment and behavior in 2009 and 2010.
The following issues will be extensively researched and addressed through the collection and analysis of consumer, economic and retailing data:
- Will the US consumers change their shopping behavior:
- Brand preference
- Price sensitivity
- Outlet switching
- Shopping consolidation
- Which classes of products / categories will outperform in the new consumer environment?
- Will the consumers continue their transition in favor of environmentally sensitive (green) products and services?
- Is the current shift towards necessity-based consumption strictly cyclical in nature or are consumers in the process of a structural shift in purchasing and consumption?
- What will be the impact of consumers’ loss of access to credit?
- Will previous robust purchasing patterns re-emerge following the current recession?
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