This ABC News video describes both how consumers are changing their behavior — and how major marketers like Target and P&G are responding. The video is short at only 2:39 — though you do have an ad before it starts.
What companies might do well in this economic environment? How would you respond if you were Best Buy? Ben & Jerry’s Ice Cream? or Coca-Cola?
As you prepare your personal marketing plan this article may not be encouraging — but a dose of reality may help you make better decisions. Think about it. See “Not a Lost Generation, but a ‘Disappointed’ One: The Job Market’s Impact on Millennials” (Knowledge @ Wharton, October 27, 2010).
The depressed economy has American consumer behavior acting in a strange way. As a group they have cut back on purchases, but still stand in line to buy the new iPhone and buy their $3 latte at Starbucks. Many malls are still busy. What is happening? This story — the cover story in the latest issue of Bloomberg Businessweek, attempts to get to the better understand this schizophrenic consumer behavior. See “The New Abnormal,” (July 29, 2010).
