3 under-appreciated trends in consumer behavior (and resultant imperatives for marketers)
The US economy is heavily consumer dependent- that is pretty much stating the obvious. What we seem to be oblivious to is how much the consumer that drives the economy has changed since the Great Recession. We do however feel the symptoms- the tried and tested remedies of the past struggle to drive momentum. Profits stagnate- data from the Bureau of Economics indicate corporate earnings have been in decline since 2012 after staging a recovery following the recession.
Many marketers are opting to simply take price up as demand stagnates without truly understanding the shift in consumer behavior that is making past playbooks irrelevant. Below LinkedIn in post hones in on 3 familiar yet often underestimated trends that are directly shaping the interplay between consumer behavior and marketing strategy.