The opinion polling firm, Gallup, released its latest report on consumer spending habits and attitudes. The report reveals some striking shifts in attitudes over the past year that have not been present over the past decade.  Gallup asked consumers whether they enjoyed spending more or saving more of their money. For a decade the percentage that said they enjoy saving more remained fairly consistent hovering between 48% and 53% through the end of 2008.

With the economy taking a deep dive in the fourth quarter of 2008 and in 2009, the number of consumers indicating a preference to save rather than spend has increased to 62% in the latest poll conducted in February 2010. The change in attitudes cuts across all demographic groups, and, except for those identifying themselves as politically liberal, about 60% of consumers or more will find saving more enjoyable than spending.

Any company that sells to consumers will have to learn to live under a new paradigm. Consumers will demand even greater value for their dollar than in the past, and in the process will seek out more information to justify purchases large and small. The keys to success in this “new normal” will be clear and concise demonstration of value and readily available information to support a customer’s decision-making process. In short consumer purchases will become less emotional and more rational as they strive to justify the expense with a product’s or service’s value.

This post was written by Jerry Berggren, Director of Research for the National Association of Dental Plans.

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Posted by admin on March 11th, 2010 :: Filed under Consumer Education
Tags :: dental, economy, gallup, research, trends

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