Growing Consumer Confidence May Spur More Marketing
Unemployment rates remain high but more consumers are feeling better about the economy these days. And while shopping may be restrained during the early days of the recovery, retailers and other marketers should begin planning the best ways to reach consumers now, before the busy back-to-school and holiday seasons approach. About 2/3’s of consumers will spend as much or more at retailers than they did in 2009 affording to a new Deloitte survey.
Consumers are still watching the economy nervously and say the following factors will impact their spending:
- Rising energy prices: 54%
- Higher taxes: 45%
- Stalled job market: 41%
- Fear of double-dip recession: 27%
Financial lessons learned during the recession will stay with consumers and this includes doing lots of research before making a purchase. More consumers (33%) have increased their rate of online purchases. Even when they don’t purchase online line, they review store Web sites and product information before stepping into a bricks and mortar establishment.
To make the sale to today’s finicky consumer, retailers will be “expanding their customer analytics capabilities to make merchandising, staffing and inventory decisions that enable them to adapt to shifts in customer demand,” says Deloitte’s Stacy Janiak. And marketers will also be customizing product availability and promotion at a local level to personalize the shopping experience for today’s consumer.[ Source: Deloitte Survey Finds Consumers Recharged. Deloitte.com. 19 May 2010. Web. 1 Jun. 2010]