First the ‘Credit Crunch’ now ‘Austerity’ – Find out how Consumers are Purchasing
Consumer purchasing
The number of people responding to marketing of one sort or another suffered a big hit when the famous ‘Credit Crunch’ hit in 2008. Marketing budgets were cut, jobs disappeared and things were bleak. Now we are faced with ‘Austerity’ otherwise known as ‘paying for the Credit Crunch’!
The immediate reaction is to cut marketing budgets. This may be sensible but, as ever, where to cut? The same cut made in one place may be wise, in another, a disaster.
Several senior marketers have commented to me that there is no point in spending when people are not buying so save the money until they start buying again. On the face of it simple, logical common sense. But are people stopping spending or is it that less people are spending and they are different people than used to spend?
Recent data suggests that it is the latter.