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Friday, September 9, 2011

Creating consumer confidence… at the local level

Ben Bernanke stopped here in Minneapolis yesterday to speak at an economics luncheon, and today’s New York Times shared an interesting perspective on his remarks:  That, as tough as things are, consumers think the situation is even worse than it really is.  Click here to see the story.

Implications:  Alas, the Federal Reserve chairman realizes who sets the tempo for the economic recovery… the consumer, of course.

We can debate all day long about whether the current sentiment of consumers is rational or not.  But here’s a better idea:  Ask what you can do to amplify the optimistic, encourage your customers to enjoy themselves as they escape reality by walking through your store, or deal with today’s realities by taking advantage of the products and services that you offer.

I’m not waiting for the government—either party—to create consumer confidence.  We’re going to have to do it ourselves.

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

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