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The economic downturn continues to put stress on consumers, causing accelerated changes in basic purchasing patterns. An important part of the overall equation for consumers is the relationship between price and value. As consumers develop new value systems, how should manufacturers and retailers view and manage the other side of the equation -- price?
In 2008, U.S. consumers experienced a stunning string of economic shocks to the system. Gasoline and food prices shot up as housing prices plummeted. Stock market declines accelerated into crashes as unemployment rose at alarming levels. As $50 trillion of national wealth evaporated, the country and the world slid into the worst economic downturn in generations. Amid these calamities, it’s hardly surprising that consumers are changing their behaviors to adapt -- cutting back on spending while trying to increase household savings.
Mark Laceky, VP, North American Pricing Practice, at The Nielsen Company, helps you navigate uncharted waters in this Nielsen Consumer Insight. Read more here.