I wanted to share an an article from PROMO magazine that reviews a recent study showing how the recession has impacted consumer’s habits and should affect marketing tactics as well…
Profound Shift in Consumer Saving and Spending: Survey
Raising a fresh set of challenges for marketers, a new survey from Citi has found that consumers across all socioeconomic levels and ethnic groups have made permanent adjustments to both spending and savings to adapt to the economic climate.
The recession has proven particularly difficult for African Americans and Hispanics, who have dipped more often into savings to pay for expenses than the national sample of respondents and who are working longer hours to make ends meet, Citi said.
The survey found that 63% of Americans surveyed said their spending and saving habits have forever changed as a result of the recession. Less than a third, 29%, expect to return to their old spending ways.
Moving forward, marketers will have to craft messaging and promotions in a marketplace where 59% of respondents said they will continue to cut back on everyday expenses, 60% will continue to save and invest more, 61% will continue to cut down on credit card purchases and 63% will continue to reduce debt. Read more
From today’s Radio/TV Business Report…
Radio reaches more than 235 million persons age 12+ over the course of a typical week, according to the RADA
R 102 National Radio Listening Report which releases 9/21. Since the December 2007 RADAR 95 report, the national radio listening estimates and network radio audience reports have been based on PPM respondents from within commercialized PPM markets and on diary respondents from the balance of the United States. The combination of PPM and diary respondents have shown more listeners to radio over the course of a week versus the 2007 RADAR listening reports which were based on diary respondents alone.
As additional radio markets transition to electronic measurement, total radio reach is revealed to be larger than in previous surveys. Listening has also risen year over year. Over the course of a typical week, more than 214 million persons age 12 and older tune to the more than 7,700 RADAR Network Affiliated stations, up from 210 million listeners one year ago in RADAR 98.
Radio reaches 92% of persons 12+ each week, despite the adoption of MP3 players and the growth of Internet-only stations. Even 90% of the youngest radio audience, teens ages 12-17, most accustomed to using new technologies and forms of media, continue to tune in each week. Network radio also reaches nearly 85% of the ad elusive and media multi-taskers Adults 18-34.
