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Sunday, June 5, 2011

Consumer spending varies by category

Among the mixed economic news last week as a report by Marketing Daily (via Kantor Retail) showing luxury sales up, but gains slowing down for those companies who cater to middle- and lower-income shoppers.  The logic offered was that the latter are more likely to feel the pinch of high gas prices.  Click here to see the story.

Implications:  The recession of 2007-2010 impacted people in a variety of ways.  The recovery that started in late 2010 is more strong and swift for some people than it is for others.  Likewise, inflation and high gasoline prices will impact different consumer groups in different ways.

Have you had this conversation (or researched this issue) with your most important customers?  How are they feeling about their budget right now?  If they’re cutting back, how can you position your product or service as an important priority that adds value to their lives?

Mike Anderson, for the Elm Street Economics consumer trends blog. A service of The Center for Sales Strategy, Inc.

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