Understanding the Post Recession Consumer

How will consumers behave as we emerge from this downturn? Though recessions differ in their causes, depth, and duration, it's possible to anticipate the way consumers will act by understanding their behavior and motivation in previous recessions and analyzing current trends. Flatters and Willmott trace the paths of eight trends as they entered the recession and project their trajectories into the recovery. The authors' analysis paints a picture of chastened new consumers who will seek simplicity in products and services; take companies' boardroom ethics into account in purchase decisions; pursue "discretionary" thrift (virtuous but not essential cost cutting); flit capriciously from brand to brand; make green consumption more a matter of reducing waste than purchasing premium products; and steer away from frivolous, extreme leisure experiences in favor of wholesome, authentic ones. Like their great-grandparents, who grew up in the Great Depression, young consumers today, the authors say, will be permanently changed by coming of age during a profound economic downturn.