Which is your type? Where do your customers fall? And how are you planning on talking to them as the economy plays out? Check out the 4 types and decide what you’ve seen so far.

Slam on the Breaks
Group feeling the hardest hit and most vulnerable. Eliminating, postponing, decreasing or substituting purchases. Includes low, middle and high income, although low income in the majority. Treats and expendables…gone. Going for lower-cost products, jettisoning private brands.

Pained but Patient
Largest of the four groups. Resilient and optimistic about the long-term; concerned about prospects in the short-term. Seeking to economize but less aggressively. Going for good deals, stocking up, considering cheaper brands or store brands. Cutting back on frequency and expendable items; repairing rather than replacing; no frills purchases.

Comfortably Well Off
Top 5 percent of income, feeling secure about riding out the bumps in the economy. No deep cutting, spending close to pre-recession levels. Slightly more selective in purchasing luxuries, perhaps seeking better quality or negotiating harder. May reduce conspicuous consumption.

Live for Today
Urban and younger for the most part. Not savers. Continuing to buy favorite bands of essentials. Continuing to stick with favorite treats. May buy postponables if the deal is good. Continuing same consumption patterns but may not expand to new types of purchases.

The Takeaway: Maybe it’s time to segment your customers by taking into account their emotional responses and consumption patterns in these highly stressful times… and then, of course, to create marketing messages that resonate.

Resources:
How to Use Market Research in a Recession

Understanding Consumer Recession Psychology