Marketing Research

In Mintel's October report "Marketing to Tomorrows Consumer" Mintel makes the point that this is the first time that the internet generation has experienced an economic downturn and Mintel predicts that they will react very differently to older consumers

 

They have classified consumer responses to hard economic times in the following ways

 

Bargain Hunters 77%

Stay at Homes 61%

Back to Basics 25%

Comfort Seekers 34%

 

Obviously there is overlap, ie you can be a Bargain Hunter and a Stay at Home

 

Bargain hunters still like to shop but seek out the best deals, often using the internet to do so

Demographics are Female (who are more likely to enjoy shopping as a hobby and would be reluctant to give it up altogether), C1/C2, Family and 3^rd age

 

 

Back to Basics – a combination of eco concerns and economic downturn means a more make do and mend, grow your own mentality. Demographics Female, 55-64, E and A/B. More likely to be in Wales and South West

 

 

Stay at Homes – make a virtue out of economic necessity. For instance they will entertain at home when cannot afford to go out and will buy things to make their home nicer rather than spend money on going out

Demographics 25-34, family lifestyle group. ABC. People who have to pay a babysitter on top of the cost of an evening out

 

 

Comfort Seekers – reluctant to give up on little luxuries such as chocolates, flowers and home accessories

Demographics – Male, over 55, ABC and retired, Broadsheet readers

 

 

In terms of marketing Mintel say that the  “we’re in this together” message is the best way forward,  The best thing about this is that smaller companies will have an advantage over corporations with this stance! We are a soft toy wholesaler and not a market research company but I hope that this information is of use over what is looking like to be a difficult year