Rachel Beck of MSNBC writes that the economic recession has forced more credit cardholders to adopt practices that are here to stay more “cautious, focused, and tactical”.
Beck relates how Jacksonville, Florida resident Bernie Decelles and his wife admitted to becoming more critical of unnecessary purchases during and after the economic recession. She says that the couple is fully aware of the fact that the economy is still unpredictable and the industries are vulnerable so they need to closely monitor if what they buy using their credit cards are necessary.
Decelles, a storage equipment company salesman recounts that in the past, he shopped a lot with his wife without much consideration for the necessity of their purchases. He admits that previously, the only thing that determined whether a product must be bought or not was how they “desperately liked the product”.
Beck writes that today, merely “liking” a product no matter how “desperate” no longer applies to the couple`s decision because of other more important considerations. Thanks to the practices of being more cautious, focused, and tactical that the recession had left.
The Associated Press conducted interviews with economists, analysts, manufacturers, retailers, and shoppers across the country recently. The findings reveal key changes in consumer behavior after the recession.
AP mentions that one of these key changes is that cardholders now opt for stores they never visited and brands they never bought before. Store-brand products are now more favored by the consumers. AP adds that cardholders are now spending on their needs more rather than their wants. Food stored for a week and clothes bought in advance of the seasons are no longer easily bought at shops and stores.
In terms of store choices, the AP says that only a limited number of stores are visited by individuals nowadays to make purchases. Individuals can now also be expected to stick with their budgets and shopping lists as compared before. AP says that the rich are back with their usual spending habits, although with the more indications of caution, focus, and purpose. They now opt for products that offer more longevity despite the expensive price.
Marketing and advertising firm Young and Rubicam branding executive John Gerzema says that these changes in practices or consumer behavior across the income spectrum are here to stay.