Being frugal is cool
Being frugal is cool
According to Adbrands Weekly Update of 18 December, in the UK, Andy Bond, CEO of Wal-Mart-owned supermarket group Asda, had some interesting comments about the changing nature of current consumer purchasing in his stores. "This won’t be a recession where it's a blip and then people return to how they were," he said at a seminar. "Anyone waiting for things to get back to normal is mad."
He said the nature of the downturn was reflected in subtle changes in buying patterns. Sales of gimmicky Christmas gifts for adults had entirely collapsed, and that there had been a sharp upswing in sales of home-dye hair kits - a cheap alternative to a retail haircut - and of frozen foods instead of chilled ready meals. The most popular grown-up gift this winter, Asda said, will be a jumper. "We are moving into an area of the frivolous being unacceptable and the frugal being cool," said Bond. "A whole new consumer generation will come out of this."
Meanwhile, Mintel reports that its latest research shows that reality is beginning to strike, and many of us are now making dramatic changes to the way we do our shopping. The signs of prudence are everywhere you look:
57% of consumers are going out less
30% are buying more frozen foods
15% are drinking less still bottled water
10% are eating fewer ready meals
Thursday, 08 January 2009 10:53