BIGresearch Reports BIG Changes In Shopping Behavior

We all know that the current economic climate has changed the way people shop. A new study by BIGresearch highlights some of the specific changes in shopping behavior. The study found that consumers are acting more practical, with 90% of respondents saying that they plan to change their spending habits in the long term. Over 55% reported that they will consider each purchase more carefully and just over half of consumers plan to become more price conscious over the next five years.

Trends In Spending Habits From BIGresearch

It is also important to point out that these long-term adjustments are being made by consumers in various income brackets In fact, 83% of respondents earning $150,000 or more say that the current economic crisis will impact their lifestyles over the next five years.

The shift toward budget shopping is reflected by the popularity of discount retailers among the polled group. Discount retailer Walmart led nearly every category in the report, with significant shares in Women’s and Men’s Clothing, Footwear, Health and Beauty, Groceries, and Linens/Bedding/Draperies. The only two categories that Walmart did not lead were Consumer Electronics, which Best Buy won (Walmart was second) and Prescription Drugs, which was led by Walgreens (Walmart was third). Other top retailers in the study included Kohl’s, JC Penney, Target and Macy’s.

What other long-term changes do you foresee for consumers in the coming months? How do you think this will affect retailers and marketers?

RAC Recap

Not surprisingly, the 2009 Retail Advertising Conference was a huge success. This year, the conference was held in Las Vegas for the first time ever. (Unfortunately for me, Las Vegas was only slightly warmer than Chicago last week). It was great to experience the event amid new scenery.

The change in setting was not the only new element of this year’s RAC conference. The topic that was on everybody’s minds was the issue of the current economy. While this is not the first time that belt-tightening and poor sales have played a part in marketing decisions, it is clear that our challenging economic situation has changed more than just the size of our budgets.

However, I found it extremely encouraging that despite the troubling economy, 400 plus people attended this year’s RAC conference. This shows that the retail industry is still going strong and – more importantly – that we recognize the benefit of learning from each other.

Several presenters did a great job of speaking to the new world we are living in and how to navigate these changes. Brad Davis spoke about the future of energy and the changing ways that people will consume energy in coming years. His passion was truly inspiring. Mike Boylson also discussed the changing consumer in his discussion of Marketing 2.0. His presentation about new media and the next generation of shoppers was spot on. In fact, every session that I had the pleasure of attending was incredibly insightful. I left the conference with fresh perspectives and a more encouraged outlook on the months ahead.

Bravo, RAC presenters and attendees! See you again next year.

To those of you who were also in attendance, what were some of your favorite discussions?