UNDER PRESSURE*

Contrary to conventional wisdom, while there has been a shift, there’s been no fundamental rewiring of the consumer. The modern consumer is a construct of growing economic pressure and increasing competitive options.

To caveat, yes, consumers are changing. They are more capricious and less loyal. They have less time but are more conscientious. They prefer experiences over products. I know, we’re tired of hearing about them, but it is the millennials that are reshaping the consumption trajectory, with Gen Z now nipping at their heels. Interestingly, analysis of spending patterns of similarly aged consumers to today’s Millennials over a 30-year period revealed few significant shifts in spending allocation, with changes confined to a tight one percent to two percent range. The real differences show up in several non-discretionary expenditure categories. A growing share of the millennial’s wallet is going toward health care expenses, housing costs, and education, highlighting not so much a change in the consumer, but rather a change in the economic pressures that the young consumer is under.

*I apologize if David Bowie’s Under Pressure is stuck in your head for a while…K9kSTgDocsr7PTWnzPbmji-320-80

 

Published by dkachiros

My purpose is simple – to identify the authentic potential in brands, discover their beautiful truth and inspire them to tap into their purpose or their raison d'être (reason for being). This is a brand’s beautiful truth. Establishing that truth opens the door for fresh approaches and ideas that are unmistakably true to brand, yet breakthrough for consumers – suited for building businesses. It’s all about shattering category conventions, finding permission for new territory and ultimately building relevance and more meaningful experiences at every moment along the journey. I pride myself on getting people to fall in love with the brand, be it for the very first time and or all over again. Feel free to reach out to me if I can help in any way. Dixie Kachiros dkachiros@gmail.com dkachiros.com 214-596-8468

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