Believe it or not, our economy has been in “recovery” since summer of 2009. Why does it seem that buyers are still skeptical? While these consumers gain back their discretionary income, sellers should be preparing. Do you have a service or product to sell? Well, sticking to those family techniques that have worked for generations may not cut it anymore. Pay attention to changes and trends within the lives of many different American cultures.
Baby Boomers: This powerful segment has been looking forward to something for years… retirement! While the end may finally be in sight, this group holds a considerable about of spending power. Time to focus on senior living, travel and hobbies.
Luxury at Low Prices: This trend is relevant for all consumers as we have become more price sensitive. Consumers now believe that they can live a life of luxury with lower prices. Don’t get me wrong, they will still spend big in other areas but expect a price conscious consumer. Opportunities: offer a similar product with less luxuries.
Shopping meets Social Media: Want to get to know todays young adults? Better join a social media site. Almost half of all Americans have at least one social site and they are using this to track their favorite brands and trends. Don’t get left out. Join and offer consumers a forum to talk about fashion and especially your next line!