Consumers See New Essentials In Spending

The ongoing crawl of the U.S. economy has changed consumers’ perspective on spending. More specifically what consumers consider to be ‘essential non-necessities’.

Oh sure there’s gas for the car, groceries and shelter but a new class of essentials have emerged from the dust of our stagnant economy.

Topping the list of new essentials are three services that connect and entertain us. Internet service, mobile phone service and cable/satellite TV service.

Consumers spending on these services (plus hair cut/color) have remained virtually unchanged since 2008. As such, they are considered to be ‘untouchable’ expenses. Gotta have ’em – no matter how bad the world around us stinks.

On the other end, the number of people grabbing a latte’ at Starbucks, slipping into a new pair of 7 jeans or eating at a casual, sit-down restaurant all have declined big time since 2008.

Don’t let the numbers or behavior fool you. It’s tough out there for consumers which translates into IT’S TOUGH FOR BUSINESS. Do not let your guard down for an instant. Stay creative, stay in touch with consumers and stay ahead of the pack.