How Companies Have Failed The Changing Consumer

A nationwide research study of U.S. consumers By Stealing Share and Resultant Research
Introduction
It all seemed to happen in a blink, but the causes of the current economic downturn was years in the making. Consumer spending grew and grew until some of us were living outside our means. Lenders got deeper and deeper into questionable loans like an addicted gambler.

And then it came crashing down. The value of our homes, the security of our jobs and the price of our investments sunk along with it.

Today, the U.S. consumer has made adjustments, altering their spending habits, and many of the nation’s largest companies are struggling as a result. Many companies are receiving federal bailout money, others are declaring bankruptcy – and others are looking for ways to win.

Those aiming higher than the rest understand that, no matter the economic situation or the category, a few always emerge as the victors.

For that reason, Stealing Share commissioned a national research study of U.S. consumers to get a snapshot of what consumers were thinking and how it affects their actions now and in the future. The survey asked consumers about their habits, decision-making processes and beliefs about themselves and the world at large. They are also asked questions about many specific industries, from banking to the media to automobiles.

The following is the result of that study along with analysis of what the data means and how companies can use the knowledge to do more than just survive in today’s economy.

The research demonstrates that humans are remarkably adaptable to change and companies can be too. As Kurt Anderson recently pointed out in Time magazine, it’s often during times of turmoil when the most progress and innovation is made. One example he notes is that Microsoft and Apple emerged after we suffered through an oil crisis, a recession and the “national malaise” of recovery from the turbulent 60s and 70s.

We may be upon such an era now. The research uncovered many hard truths companies must understand if they are to be the winners going forward. Among them:

• Americans are generally optimistic, but they have changed their habits, views of the world at large and Amercia’s role in it.

• To gain acceptance in the new economy, you must capture the attention of women. They are the drivers of any economic growth as they have become the most cautious today. That means women represent where the most opportunity exists.

• Old technologies and business models are fading because they are not catching up with the needs of consumers who see relatively new technologies as accepted, everyday occurrences, and remain open to new ideas.

The bottom line is that the consumer has changed and not just by spending less. They are staying at home more often, waiting for the winds to change. It may very well be that there is no better time for companies to take a leadership position now since the Industrial Revolution.

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