Big Research, a market research firm, recently released their March 2009 Consumer Intentions & Actions study.
One question they asked was: Do you think the current economic crisis will impact your lifestyle over the next 5 years in any of the following ways?
The most widely-shared conclusions were all about intentionality. 55.2% of the respondents said they would “consider each purchase more carefully.” Another 50.7% said they would be “more price conscious when buying clothing and food.” 48.1% said they would “try to stick to a budget.”
These sentiments speak to a slowing down, an imposition of control. Consumers in general don’t seem to feel like they have bad foundation habits in relation to their personal spending, but they do seem to feel like they need to think before they act.
That sentiment has translated to more focus on buying at sales, another BigResearch study shows.
Buying on sale may be a great pick-me-up in a down economy, and it’s proving to be more of a priority when shopping for apparel…one in four (24.6%) indicate in March that they “only” buy clothing on sale, up six points from a year ago (18.6%), while only one in ten (11.4%) say that sales aren’t important, down from 15.3% last year. The majority (64.0%) contends they “usually” head to the sale racks, down slightly from March ’08 (66.0%).