Excerpted from AdAge December 2, 2008. Click here to read the full article.
Quick Changes to Strategies Are Needed as Moms Shift Priorities for Themselves and Families
Marketing to Women During a Recession
While President-elect Barack Obama is assembling his cabinet in Washington, moms across America are changing the ways they stock their own cabinets. As they function simultaneously as secretaries of transportation, interior, homeland security and, most important these days, commerce, women faced with new economic realities are rapidly shifting their priorities and shopping behaviors. Here are six changes in where they stand on consumption.
Price overshadows value -- For now, women are willing to trade off some quality -- and brand -- to get the best price.
Thrift counts more than convenience -- When times are tight, money is money again. With regret, time-starved women will recognize the need to forgo the labor-saving products and services that have made their lives a little easier and go back to doing the labor themselves for a while.
Sustainables trump disposables -- Saving money will join up with saving the planet as women switch from disposables to reusables.
Essentials eclipse indulgences -- Women have come to understand that a crucial element of taking care of others is taking care of their own needs. One way they've done that is to save a little something for themselves now and then. During the recession, we will see a moratorium on these small indulgences.
Online shopping outshines in-store -- The recession will accelerate this, as women explore new ways to save money.
Economic outweighs experiential -- No more "shoppertainment." shopping will downshift into a more functional mode aimed at keeping the budget under control: more trip planning and list shopping, less impulse buying.
For strategies that marketers can begin to use immediately read the full AdAge article.
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