With signs of an economic recovery on the horizon, companies need to take stock of the far-reaching changes incurred by the largest recession since the Great Depression. Today's consumers are no longer comfortable leveraging their credit cards to fulfill their every desire and businesses have to face the fact that as the customer continues to change the economy will inevitably shrink. So how will businesses compete and succeed in an age of mindful consumption? CONSUMED is a forward-thinking look at how shoppers - and consumption - have changed, now and for the foreseeable future, and how businesses must rethink their strategies in order to thrive in this new economic landscape.
A worldwide study by Euro RSGC found the following:
More than a quarter of respondents believe their lives would be better if they owned fewer things.
55 percent of Americans said they're deriving a sense of satisfaction from reducing their purchases during the downturn, and seven in ten global respondents say they feel good about reducing the amount of waste they create. Nearly half of Americans have no intention of going back to their old shopping patterns, even when the economy rebounds . That's a seismic shift for a country that has long lived by the credo of "more is more."
Brand experts Andrew Benett and Ann O'Reilly advise businesses on current and pending shifts in consumer behavior and what they must do to lead in this new economy.
A forward-looking view of the major shift in consumer buying behaviour and what it means for businesses today
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Andrew Benett is Global CEO of marketing communications agency Arnold Worldwide and Global Chief Strategy Officer of Havas Worldwide. His career in marketing spans nearly two decades and includes hands-on experience in almost every marketing discipline and across multiple product and service categories. His unique perspective benefits from his experiences working on the client side, in consulting, and for global communications agencies. In 2009, Andrew was named to Crain's New York Business's "40 Under 40." Outside of work, Andrew sits on the Board of Directors of The Make-A-Wish Foundation International. He is married and has two sons. In 2009, he co-authored Good for Business.
Ann O'Reilly is a strategic planner and content director of Euro RSCG Worldwide's Knowledge Exchange, in which capacity she is responsible for developing and managing the global network's proprietary research. She has more than twenty years' experience in marketing and publishing, and is co-author of Good for Business, The Future of Men, and Buzz: Harness the Power of Influence and Create Demand, among other books.
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