Another take on "the new consumer"

By now, phrases like “the new normal” or “this new frugality could stick” have become cliché (to a point that has become annoying, in my opinion). Instead of more over-generalizations, I want to know what this “new frugality” looks like. I want to understand the values and motives that might influence spending differently today than they did five years ago. So, I’m always on the lookout for events, evidence and articles that might replace confusion with clarity.

A story from Marketing Daily this week led me to a recently-released white paper from Euro RSCG Worldwide on the topic of, “The New Consumer in an era of mindful spending.” The Marketing Daily story provided a nice overview, but I strongly suggest you read the complete white paper. (Click here to see a PDF copy of the full white paper.) Warning: The paper is an instrument to promote an upcoming book, “Consumed,” to be released in July. But a shameless plug is fair trade for having access to the white paper.

In our man-on-the-street interviews conducted for use in the Elm Street Economics workshop, several participants said, essentially, “I was beginning to change the way I spend already… I wouldn’t say my cutbacks were in response to the recession, necessarily.” It would appear that this study is, in many ways, consistent with that consumer sentiment.

One fascinating note from the Euro RSCG Worldwide survey: “56% of respondents said the recession served as a reminder of what’s really important in life… and that that’s a good thing.”

Implications: Many of the conclusions in the Euro RSCG paper (and presumably, in the upcoming book) are broad generalizations, driven by global research. The local business owner, manager or marketer will have to decide what is useful and what is not. This isn’t the first post-recession article or book to focus on long-term change, and it won’t be the last.

But when someone or something causes me to think, or look at the world from another perspective, I consider it time and thought well spent.

For another overview of the Euro RSCG research, visit this version at PR Newswire.

Mike Anderson