By Rieva Lesonsky
In the marketing industry blogs I read, one of the most common topics in the past year has been whether consumer attitudes about spending have permanently changed due to the recession.
Many experts contend that the economic crisis will have long-lasting effects, much the way The Great Depression shaped the mind-set of a generation. (Raise your hand if you had a grandma who saved every piece of wrapping paper, worn-down soap, etc. etc.) Generation Y, who has never experienced such a downturn, may be particularly affected.
But other experts disagree—and I’m on their side. Remember after 9/11, when pundits opined on how American’s attitudes would be permanently changed? Of course, in some important ways, they have changed. But in many other ways, things have bounced back to normal. For a few weeks after 9/11, we were sternly told that Americans were never going to laugh at a joke, spend money on frivolous items, or enjoy themselves ever again. That didn’t last long, did it?
Take it from someone who considers shopping a sport: I don’t think the pent-up urge to buy goes away. I think it’s going to bounce back, stronger than ever, when recovery happens. If you’re one of entrepreneurs who is prepared for it, you’ll enjoy the benefits.
Completely agree. I know this economy has been tough for thousands of Americans across the country, but it pales in comparisson to the struggles that so many more dealt with during the Great Depression. Also, the Great Depression lasted for years, while our government this week has commented that The Great Recession is likely already over–not to suggest that the economy has bounced back.
Hey Rieva! You know how I feel about this topic from all of our discussions on Boost Your Business Radio! I’m PASSIONATE about the fact that the economy’s coming back and is drastically impacted by US-consumers! We have the power to influence economic trends and it is important that we participate in the economy and spend money. Yes, caution and savings are important too. However, I get so alarmed when I hear entire families talking about putting their lives, vacations, investments, educations, etc. on hold because they fear there will be no growth in the economy. Hello! We are part of the growth in the economy! Spending trends will likely be altered and patterns may changed but we are a consumption driven nation. Any small business owner who thinks there isn’t an opportunity out there waiting might revisit whether they are a true entrepreneur or whether their entrepreneur eyeglasses need an upgraded prescription
See you on the Radio Partner and Congratulations on Your TERRIFIC looking new blog!
@aaswartz on Twitter
the economic recession made a lot of workers jobless. my best friend and me lost our jobs because of job cuts. i hope that our economy would recover soon