10.07.09
Despite a tepid economic recovery, only 17% of shoppers will go back to theirold shopping habits. As a result, Holiday 2009 will be adversely impacted by recession-created shopping apathy and value shopping, according to WSL Strategic Retail, New York, NY.
Holiday 2009 will be significantly impacted by shopping habits learned during the recession,” said Wendy Liebmann, CEO of WSL Strategic Retail on the release of the leading retail and marketing strategy firm’s new special report, Reboot How America Shops. “While the recession is ending and shopper panic is over, it is not nearly enough to change shoppers’ habits. Shopping apathy and value shopping are now ways of life. In fact, only 17% of shoppers say they will go back to shopping the way they used to.”
Additional findings from the study are:
Shopping Apathy
• 56% of shoppers are buying less than they used to;
• 50% have closed or stopped using some of their credit cards (including 1/3 of affluent shoppers);
• 41% don’t browse anymore to see what’s new and fun to buy;
• 37% are content buying less; and
• 45% honestly admit they just are not sure they will ever shop as they once did.
Value Shopping
• Over 75% of shoppers who switched to lower price stores during the recession plan to continue shopping there; and
• Less than 40% of shoppers who traded down will return to more expensive brands.
“While aspirational shopping is over, categories that ‘make life better’ will recover. Now it’s about experiences rather than ‘stuff’.These include vacations, eating out, entertainment, home, a salon visit for mom and new clothes,” said Candace Corlett, president of WSL Strategic Retail, adding, “since there is some pent-up emotional demand for these categories, smart retailers and manufacturers need to create new and exciting offerings that reflect this mood for Holiday 2009 if they are to capture share of the shrinking shopping dollar.”
Holiday 2009 will be significantly impacted by shopping habits learned during the recession,” said Wendy Liebmann, CEO of WSL Strategic Retail on the release of the leading retail and marketing strategy firm’s new special report, Reboot How America Shops. “While the recession is ending and shopper panic is over, it is not nearly enough to change shoppers’ habits. Shopping apathy and value shopping are now ways of life. In fact, only 17% of shoppers say they will go back to shopping the way they used to.”
Additional findings from the study are:
Shopping Apathy
• 56% of shoppers are buying less than they used to;
• 50% have closed or stopped using some of their credit cards (including 1/3 of affluent shoppers);
• 41% don’t browse anymore to see what’s new and fun to buy;
• 37% are content buying less; and
• 45% honestly admit they just are not sure they will ever shop as they once did.
Value Shopping
• Over 75% of shoppers who switched to lower price stores during the recession plan to continue shopping there; and
• Less than 40% of shoppers who traded down will return to more expensive brands.
“While aspirational shopping is over, categories that ‘make life better’ will recover. Now it’s about experiences rather than ‘stuff’.These include vacations, eating out, entertainment, home, a salon visit for mom and new clothes,” said Candace Corlett, president of WSL Strategic Retail, adding, “since there is some pent-up emotional demand for these categories, smart retailers and manufacturers need to create new and exciting offerings that reflect this mood for Holiday 2009 if they are to capture share of the shrinking shopping dollar.”