A new report by Nielsen Business Media identifies consumer purchasing trends in the U.S. in 2010, and as you might assume, the fallout from a weakened economy is expected to continue to have an effect in purchasing in the coming year.
Three of the 2010 consumer purchasing trends in the U.S. can be directly related to brand strategy:
1. The economy
Economic considerations won’t go away in 2010. Instead, consumers have become savvier shoppers in recent years thanks to the weak economy. In 2010, consumers might start to see an end to the recessionary tunnel, but they won’t give up their savvy ways when it comes to spending anytime soon. Discount brands and brands that make consumers feel good about spending their money will gain market share while brands that represent more frivolous spending will have a harder time retaining or gaining market share.
After living through a recession, consumers in the U.S. expect more value for their dollar than ever. Brands that push the value proposition (whether they’re luxury or discount brands) and live up to consumer expectations based on those value propositions will prevail.
3. Store brands
Generic brands and store brands will continue to grow, again, as a result of recent economic conditions, which prompted consumers to try these lower cost alternatives and in many cases realize that they’re just as good or better than more expensive, branded alternatives.
In short, we might be over the worst part of the economic struggles the U.S. and much of the world have faced in recent years, but consumer purchasing habits won’t revert back to the way they were before overnight. Brands that recognize that and communicate messages of value, frugality, and trust will be better positioned than their competitors in 2010.
What are your predictions for consumer purchasing behavior in 2010? What do you think about the predictions from Nielsen’s analysis? Leave a comment and share your thoughts!
Latest posts by Susan Gunelius (see all)
- Coca-Cola Contour Bottle Turns 100 This Year - March 3, 2015
- World’s 50 Most Popular Brands - February 25, 2015
- Brands with the Most Loyal Customers in 2015 - February 18, 2015
- The World’s 50 Most Innovative Companies in 2015 - February 14, 2015
- UK Consumers Will Share Private Data with Brands Under Certain Conditions - February 4, 2015