“There’s a coupon for that.”
Not only does this phrase seem to permeate conversation when talking about upcoming purchases, but it has turned into a financial mindset. Consumers may be out of the Great Recession, buy you can’t take the Great Recession out of consumers.
According to CEB Iconoculture research, 57 percent of participants surveyed said they still “feel anxious about getting the best deal possible.” Why? Well, according to Public Religion Research Institute, 72 percent of American adults believe the country in still in a recession. Despite feeling more secure about their personal finances, the recession mentality lives on.
What’s considered the “best deal?”
Yes, consumers are anxious about getting the best deal, but what does that mean? According to CEB Iconoculture research, the best deal involves the right mix between price, performance and durability. Consumers also conduct more research and seek out information regarding the products they are considering to purchase. While 36 percent of consumers are overwhelmed by the information they search, 81 percent of internet users say researching has made them better informed about products today than five years ago (Pew Research Center, 8 December 2014).
Consumers find both tangible and intangible resources scarce.
Today, consumers are adapting to living with fewer resources. CEB Iconoculture research refers to this as having a “scarcely optimistic” mindset. When asked, “What is scarce in today’s world?” consumers answered with both tangible and intangible resources. The top two resources considered to be scarce are time and money.
Consumers value relaxation, safety and balance.
As consumers manage their intangible (time) and tangible (money) resources, they’re also placing a higher value on relaxation, safety and balance. In the past five years, these values have increased in priority. Take a look:
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