Recession-Caused Change In Consumer Attitude Spells Loss For Companies

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Recession-Caused Change In Consumer Attitude Spells Loss For Companies

June 26, 2009: 01:47 AM

As the recession drags on, consumers have become more conscientious about their purchases, carefully considering how much they are paying for goods and holding off buying new supplies until their pantry is empty. They are now more receptive to bargains, coupons, and free samples, which translate to savings, and increasingly patronize private labels over more expensive brand names. This has adversely affected sales performance of many companies, forcing them to cut jobs and come up with low-priced goods. With the consumer attitude change, companies are trying to create products that will entice consumers back to spending. William McComb, chief executive officer of Liz Claiborne Inc., calls the phenomenon the “savvy shopper syndrome”.

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