Frugality Will Remain In Tact Past Recession

The good news is that the global economic crisis appears to be reaching a turnaround. Nielsen says that with hopes for a full economic recovery accelerating in 26 out of 28 major global markets, consumers around the world might be expected to return to previous spending habits.

The bad news is that according to a new report from Nielsen (pdf), some consumers may find it difficult to return to those habits. Here are some stats from that report:

- Nearly one-third (29%) of consumers will continue to economize on gas and electricity, with 48 percent of Americans saying that they will continue to save on utility bills.

– One in six global consumers will continue to cut back on take-away meals, with 22 percent of Australians indicating that’s one area they will continue to reduce spending. Significant numbers of New Zealanders, Japanese, Irish, South Africans, Brazilians and Americans also indicated they would stay away from take-away.

– One in six global consumers say that they will continue purchasing cheaper grocery products, spend less on new clothes and cut down on out-of-home entertainment.

It’s not all bad though. Here are some more positive-sounding stats from the report:

- Chinese remain the most confident of an economic rebound in the near future, and sales of consumer goods products remained robust last year – up 21 percent.

– One in six Russians said that they would not retain any of their recessionary habits once the economy improves, and are particularly eager to spend their money on clothing.

– Technology such as home computers and mobile phones look to be early winners: consumers in Japan, Korea and the Philippines are looking forward to upgrading their current gear.
 
– More than 40 percent of Americans say they expect to increase their spending on travel and holidays, dining out and out-of-home entertainment in the coming months.

Regardless of any stats, you should be thinking about how you can provide value to your customers, and getting them to see that value. People love a good deal whether they’re in a recession or not. With so many people prepared to continue frugality, deals are going to continue to be sought after very frequently. That’s why stores like Dollar Tree are even expanding.