Saturday, November 07, 2009

More British, More Homely, More cautious

The Generation Recession report from the Social Issues Research centre (commissioned by Friends Provident July 2009) has revealed that the recession has turned us all rather British and homely as we buy local (to help our economic climate) and highlights that 1 out of 3 Brits promote staying at home as the new going out.

As more people are choosing to stay at home, the appeal of social networking from your living room has increased, using sites such as Myspace, Twitter and Facebook. The study also revealed new “saving money” tactics and found that amongst those that are going out, that 21% of them make use of voucher codes to save on funds.

The report reviews (via focus groups and past recession feelings) how consumer’s habits have changed / are changing, how the British public feel about the recession, how we have all economised through nesting behaviour, how we have made cut backs in our spending habits and how our quest for the best bargain or deal has accelerated.

Another interesting point is that the study implies that the younger generation (under 25 reported to be the hardest hit by the crisis) will be moulded by the credit crunch and that formative experiences from their adolescence (9/11 attacks, London 7/7 bombings, 2004 Tsunami) will help shape Britain’s future, as perhaps they may have a greater sense of caution with finances and life in general.

There are some great comments from Poll respondents which will be of interest to a number of companies – take a look at the Generation Recession Report here.

In the meantime we have considered what the findings of this report will mean to website development and web marketing, and would like to share with you our Risdom (Rocktime Wisdom) recommending that you give consideration to the below points when outlining your web strategies:

  • Review current online and offline loyalty programmes and rewards
  • Social network with consumers in their homes (ie: Facebook)
  • Consider using voucher codes, voucher sites for product and service promotions
  • Make the younger generation feel valued online
  • Make offers clear & transparent and timely online
  • For larger purchases online, make it prominently clear that shopping service online is secure

Author: Sarah Griffiths


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