New York, — Consumer confidence and economic optimism are on the upswing in the first half of 2010,accompanied by new opportunities for marketers and retailers to redefine the meaning of “value” in a still unpredictable economic environment, according to The Post-Recession Consumer in the U.S. by market research publisher Packaged Facts.
“We anticipate that consumers traumatized by the severity of the economic downturn will continue to watch their wallets in the short-term,” says Don Montuori, publisher of Packaged Facts. “In response, retailers and marketers are coming to grips with the need to reposition their brands. After surviving a period when they and their customers defined value purely in terms of price, marketers are searching for strategies that transcend the idea that the main benefit of buying their brands is to save money.”
The report, based largely on Experian Simmons National Consumer Study (NCS) data, reveals that as recently as the first half of 2009, the number of fiscally pessimistic consumers increased significantly. By the time economic optimism rebounded in the second half of 2009, the number of confident consumers increased 25% over the first half from 38 million to 48 million Americans.
Packaged Facts identifies confident consumers as essential to the post-recession rebound due to their above average household incomes and the numerous other characteristics that make them amenable to marketing appeals that transcend the incumbent “price equals value” motif. For example, confident consumers are eager to shop in new stores, try out new products and experiment with new foods. They see the benefits of advertising and are much more likely to pay attention to ads in a wide range of platforms. Confident consumers are also early adopters and influencers who shop frequently and enjoy doing so. In addition, the cohort has a higher likelihood of making a wide range of major purchases in the next year.