A recent survey by market-research firm Information Resources Inc. revealed that the recent downturn has profoundly changed how consumers are spending their money – on everything from how often they wash their clothes to how many lipsticks they purchase. This downturn has impacted consumer behavior in a way that retailers and companies could never have predicted, and many of these companies are struggling to adjust (as we commented in an earlier post on beauty companies offering more mid-priced goods and smaller size options). To quote the WWD article: “Women will still be purchasing cosmetic products, but they’ll now buy maybe just two varieties of lipstick instead of 10,” Thom Blischok, president of consulting and innovation at IRI, said. In place of paying a professional salon, things like home pedicures are rising in vogue, “which we wouldn’t have expected two years or even 18 months ago.”
Echoes of the Great Depression
Echoes of the Great Depression
Read the complete WWD article.