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Around the world, people have been shaken into uncertainty by the economic crisis. But the recent presidential election has given rise to feelings of hope and optimism. Looking ahead in 2009, Mintel sees five major ways that consumers will adapt and make the best of next year.
As a backlash against the fast pace of the modern world, people will try to take greater control of their lives and find pleasure in the simple things. Faced with financial insecurity, shoppers will seek out businesses and products they feel they can trust. And although they will cut back on spending, people will continue to treat themselves to little luxuries and fun activities.
“People around the world are feeling insecure and are already looking to re-establish a sense of stability in their lives,” comments Joan Holleran, director of research at Mintel. “In the coming year, it will be more important than ever for businesses to respond quickly and creatively to changing consumer needs and desires, as we all become more selective in how we spend our money.”
1. You are in CONTROL
Throughout the years, people have become more confident and demanding about how they live their lives and spend their money. Even as a recession hits, they’ll want to stay in control of their choices wherever they can. Consumers will seek out products and services that give them exactly what they want and when they want it, especially as their budgets tighten. And the Internet will be key. It shows people every option available and gives them the power to demand more, while also allowing them to influence others through user reviews and feedback.