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According to Euromonitor International's new global strategy briefing, 25 Global Consumer Trends for 2008, the current state of the world's economy is causing the development of a consumer concept called “'My economy.”
Troubled by a cloud of uncertainty, consumers in 2008 are filled with a sense of anxiety and gloom. To combat this, consumers are focusing on ways to stay financially stable during times of economic instability.
According to the report, the home comes first to the consumer, and for many in the United States, this may mean a return to renting as repossessions rise. Food and clothing are also important, but in both cases, there are opportunities to cut back on spending and still cover the basics.
“With food, drinks and personal care products, the chances are that people will trade down particularly in areas that are less important to them. The purchase of clothing and durables will likely be delayed as well,” said Gina Westbrook, research manager at Euromonitor International. “Convenience and comfort are still essential for the consumer, particularly when it comes to technology.”
Also, access to the Internet is growing worldwide and new technology is becoming the norm. “Technology has been one of the areas where consumers have always been prepared to spend money. But with the economic slowdown, growth may be limited to products that offer real benefits. Consumers will likely cut back in other areas in order to protect their spending on the next iPhone, computer or digital media player,” finished Westbrook.