As we have suggested in numerous postings here, not all Americans experienced the same effects during the recent recession. This morning’s Research Brief cites Pew Research that agrees with that stance; you can click here to see it.
By the way, I found this briefing to be compelling enough that I found a URL directly to the Pew Research Center, where I found more comprehensive details. You’ll find that link at the bottom of this posting.
Implications: There were few exceptions to the impact of the Great Depression; it was literally a singular, global event. That is turning out not to be the case in the recession of 2007-2009. Don’t get me wrong: The economic decline was very severe (poverty numbers are way up and the number of foreclosures since 2007 is stunning) and very wide-spread (roughly 55% of respondents report being impacted directly, in some way, either through job loss, a fall in household income, or missing at least a few house payments).
That having been said, 45% of respondents report faring reasonably well through the recession. And for that unfortunate majority, there are varying degrees of impact… and people who are in varying stages of financial restructuring right now. For some, that restructuring could mean establishing a new, more lean family budget. For others, it could be as severe as starting over.
Who is your target market in 2010/2011? How do these consumers differ from the customers you served in 2006? Are they different people? Or are they the same people, but with different habits and purchasing priorities? Is their desire for low price critical (probably true, to some extent, for the 55%), or is their move toward low price simply “fashionable?” (Probably true, to some extent, for at least some of the 45%.)
To see a more comprehensive analysis of this Pew Research, click here to visit Pew Research Center Publications.
Mike Anderson
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