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Over the next 18 months, Hutchinson predicts, consumers will learn to become more frugal and are likely to carry those skills over once the economy recovers.In an article at knowledge@wharton the following is the outcome of the research
Consumers who had learned to trade up when times were flush are now learning to trade down, Hoch adds. They realize they were wasting money on higher-priced goods and services when less expensive alternatives were available with little real trade-off in quality or satisfaction. Indeed, many consumers regret what they used to spend; they are finding a new sense of well-being in becoming more discerning shoppers. "There will be more of a premium placed on seeking value," Hoch says. "People will realize that's being smart.
I saw this in my local malls/shopping areas in the past few months and I believe this is not going to reverse soon.
What do you think?
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