Post Crisis Consumers

The recent economic crisis has raised doubts about the global economic model and capitalism.

The same situation is causing a profound change in consumer habits worldwide. Consumers are changing their anxiety, fear and uncertainty and are turning into concrete actions.

For the first time in history, we are in control on how to acquire products and services and we are delinked from taking risks to advance.

Until just over two years, the savings did not exist in the world, nobody thought about it because consumer habits were based on credit. Based on debt.

Today we are all indebted but now consumers are taking their share of responsibility and are acting.

These days we know it’s better to use the debit card than credit. Only spend what we have and we are much more cautious to invest or acquire credit.

Historically, periods of greater savings in the world are the wars. When there is war there is nothing to buy. This global economic crisis is making people spend more time studying, preparing to continue studies, reading, surfing the Internet than watching television instead of shopping.

And at the time of purchase, consumers look for different things:

• Quality.

• Price

• Durability

• Post-sale support

Today it is more common for people to control the urge to buy, limiting their impulse and taking the time to better target their investment.

The status of power was based on many things, the size of cars, houses, and watches. Today, that model seems to be inappropriate, even frowned upon. That same position of status is in the people who have achieved liquidity, which is able to handle a crisis or an unexpected event, not wearing a Rolex on your wrist.

According to John Gerzema, Chief Insight Officer of Young & Rubicam, when investigating a brand, product or service, 72% of consumers rely on a Social Network contact via the web and only 15% in the advertising of that specific brand.

What is the role of brands then?

Growing its presence in social networks, build intangible values in their products and consciousness in consumer habits of its customers. But not only in the speech: «We are a socially responsible company,» also and above all, in actions. They have to walk their talks.

The brands should be supported with activities that cultivate social networks.

They must become organizers and leaders of their own groups, their tribes, in the words of Seth Godin.

This is now a day, the outlook for the economy, advertising and social networks in the present and perhaps for the foreseeable future.