Porter Novelli did a presentation recently on how consumer mindset and spending habits are changing in these scary economic times. It helped drive home the reality of just how bad things are. Comments were about baby boomers, generation Xers and millenials (those born between 1980-1995).
Some of the highlights:
No more bottled water - the new water comes from from the tap.
32% of millenials are not as pretentious as they used to be - except in the area of personal electronics.
Use of coupons is up and impulse buying is down.
We are suffering from green fatigue - no one wants to hear about it anymore - just do it.
Cash is the new platinum card. People are buying less and more of what they really need - not just want.
We are evolving into a world of narrow communities and only talk to those who agree with us. That's what micro-networking is all about.
People are focused on necessities -food, clothing, shelter and supporting an individual cause (not multiple ones).