In the news
Jun 14, 2009
Recession could yield permanent shift in spending habits
Chicago Tribune
By Andrea Walker
Many consumers are being forced into these changes as they watch the value of their homes plummet or find themselves swimming in unmanageable debt. But for others it’s a moral shift as they realize that all that buying doesn’t add much to their lives beyond a closet full of clothes.
“People are at that higher level where they’re saying something is wrong with the way we’re spending and it has got to change,” said Robbie Blinkoff, co-founder and principal anthropologist at Context-Based Research Group. In conjunction with the Carton Donofrio Partners Inc. advertising and marketing firm, it recently surveyed people about the economy’s impact on their spending.
The survey, in five cities including Baltimore, found that a new “grounded” consumer is emerging. These consumers are realizing that life is not defined by what they buy and that credit isn’t a true measure of their financial worth. They’re moving to limit the amount of “stuff” in their lives, the survey found. And they’re learning to live within their means.
“The consumer will go through this process of evaluating what stuff they bring into their life to make sure it brings meaning into their life,” Blinkoff said. “They’ll be less superfluous.”
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