According to the latest consumer trend study published by Trendsspotting.com, the 2009 recession was a blend of fact and hype. And despite the fact that many economists seem to believe it’s coming to a close, that may not be the case, according to real analytics of spending in such sectors as food and beverage, travel, apparel, technology and education throughout the United States.
The report also indicates that consumers may be wary of marketing that plays into the recession scare, tired of being told what’s going on in their own wallets and how to budget their hard-earned dollars. This reaction is as if to say: ‘You don’t know me!’
In fact, as mentioned in our article about women spenders, other analysts are coming to a similar conclusion when it comes to holiday shoppers this year. Although the recession has affected how women budget their gift-buying budget throughout the year, and deep discounts will still hold an appeal, women are frustrated from the year’s rigid penny-pinching and may be just as likely to cave and spend periodic full-price amounts (especially when they are treating themselves) throughout the final weeks of 2009.
But how do these retroactive reports compare to early projections of consumer spending in 2009? Here are some year-old predictions from the Trendsspotting.com blog:
“The recession will put consumers in a more powerful position.”
“The recession almost seems like a blessing because [people] are now forced to readjust their values and make different choices.”
“Social networks will flourish as a result of the economic crisis.”
“The credit crunch is also adding fuel to more folks doing it themselves, DIY.”
“People will go to high-priced designers to look like they’re not spending a lot of money, but looking lavish will seem emotionally wrong.”
“When times are down, people want to lift their spirits. […] Americans will be working more and playing less.”
Of course, not every prediction was set in stone. For example, the site predicted that “dwindling budgets [will] suddenly make low-cost social media look like the pretty girl at the ball” AND “advertisers will want to buy advertising on big, well-known websites.”
Progressing into 2010, it will be interesting to see how experts predict the new national mentality on spending on the heels of such a tumultuous economic year. Will Americans continue to keep a hawk-like visage on their bank accounts? Or will consumers increase their spending in a year that feels less scary, with much less scare-tactic marketing? Only time—and precise analytic surveying—will tell.