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Monday, April 16, 2012

Frugality fatigue drives some consumers to trade-up

Observation:   A recent story from Bloomberg suggests that consumers have had enough fiscal conservative, and they’re ready to indulge a little bit more.  The story cites research from Britt Beemer’s America’s Research Group and other sources… and you can click here to see it.

Implications:   This article correctly points out that, for most people alive today, the past four to five years have been the longest period of fiscal restraint they have ever had to place on their family budget.  While the recovery seems a bit drawn out and perhaps even still “at risk” on some fronts, some folks have had enough.  They’re ready to choose the car with a few more options, the entrée that is not on the discount menu, or the mobile phone that’s just a little bit smarter with more options.

Does your company offer a more upscale alternative?  Have you placed that product or service in a higher profile position, lately, and invited the consumer to indulge?  After all, it’s been too long… and some customers might be ready to see and hear the kind of messaging that moves them back to their favorites (instead of the cheaper alternatives they’ve been settling for over the past few years).

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

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