COLUMBUS, Ohio — Shoppers will become “more deliberate and purposeful” in their purchasing decisions following the recession, according to a report released last week by PricewaterhouseCoopers and Retail Forward, based here.
“Conspicuous consumption will give way to more conscious or practical consumerism,” the report states. “Rampant deal-seeking will be replaced by more purchase selectivity and the use of shopping techniques and tools discovered during the recession.”
The report also notes that younger consumers, Gen X and Gen Y, are most likely to be the ones who lead spending to help lift the economy.
“Hit hard by the effects of the recession at a point of in life when financial commitments loom large and retirement is on the horizon, the huge Baby Boomer generation (82 million, 37% of all households) will not be able to quickly lead the way out of the recession as it did after the past two recessions,” the report stated.
The report indicated upscale Gen X consumers are less likely than upscale Baby Boomers to continue the frugal behaviors they acquired during the recession. For example, on 30% of high-income Gen X consumers said they expect to continue “buying only things they truly need,” compared with 47% of Baby Boomers.