Monday, 30 March 2009

Consumer Psychology in a Recession

With consumers being affected by the recession and market goods tossing consumption up and down, marketers must focus on strategies that cater to today’s consumer. The shopping experiences are not the same. Consumers are looking to sustain themselves rather than purchase products that would help them live a better life.

Consumers are affected emotionally. Marketing strategies should reflect the behavior and the intelligence of these consumers. In the video below, Harvard Business School professor John A. Quelch, talks about the consumer segments during the times of recession.

Video Source: Harvard Business Publishing

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