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Downturn Generation Emerging, Study Shows
MAY 28, 2009 --
A new group of consumers, the Downturn Generation, has emerged from the current U.S. economy, according to a new study from Information Resources, Inc. (IRI), as many Americans are adopting practices similar to those of Depression-era shoppers in order to weather the storm.
The report, “Dissecting the Downturn Generation: Recognizing and Leveraging Permanence in Today’s Transformational Economy,” says consumers are making permanent changes, including:
Optimists: Those who believe “things will get better during the next 12 months” are spending wisely, cutting back selectively and sacrificing as a last resort.
Maintainers: Those who agree that “The economy won’t get worse, but it won’t get better either,” and are also spending wisely, but are more aggressive about cutbacks.
Pessimists: Those who believe “If you think times are hard now, next year will be worse,” and are cutting back wherever possible and tirelessly searching for deals.
Some steps shoppers report taking to save:
More than 69 percent say they are more likely to look through retailer ads for deals.
Nearly 82 percent are more likely to look for sale prices in the store.
Sixty-five percent say price is becoming more important than convenience.
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