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Emotional and Psychological Impact Of The Recession On Consumer Behavior   Gender Differences   Decitica Study   August 2009
 

Emotional and Psychological Impact Of The Recession On Consumer Behavior Gender Differences Decitica Study August 2009

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This brief presentation from Decitica, a marketing strategy and research firm, shows some very interesting data on how the recession has affected men and women differently. We present the results of ...

This brief presentation from Decitica, a marketing strategy and research firm, shows some very interesting data on how the recession has affected men and women differently. We present the results of the survey we just completed on consumers' emotions and psychology.

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    Emotional and Psychological Impact Of The Recession On Consumer Behavior   Gender Differences   Decitica Study   August 2009 Emotional and Psychological Impact Of The Recession On Consumer Behavior Gender Differences Decitica Study August 2009 Presentation Transcript

    • The New American Consumer Decitica Marketing Strategy & Research val@decitica.com 973-462-2862 August 2009 Proprietary. Do Not Copy or Distribute Without Permission.
    •  The trillion dollar question on the minds of many is whether American consumers are going to be re-embracing their old spending habits, and what, if any, are the permanent effects of the recession on consumer behavior.  To answer this question and more fully understand the emotional and psychological impact of the recession on consumers’ purchase, consumption and saving behaviors, Decitica just completed a unique study by going beyond superficial measures of consumer sentiment.  This survey was conducted online from August 3 to August 12, 2009. The total sample size is 1,050. (Please see pages 3 and 4 for respondent profile.)  The survey included a wide range of topics including the following: — Current emotional state — Expectations regarding future income and savings — Feelings and attitudes towards spending — Changes in consumption and purchase behaviors — Goals and intentions to engage in future consumption — Budgeting practices and financial self-discipline — Factors that will influence increase in future spending — Measures of materialism, compulsive and impulsive buying Proprietary. Do Not Copy or Distribute Without Permission. 2
    • Proprietary. Do Not Copy or Distribute Without Permission. 3
    • Proprietary. Do Not Copy or Distribute Without Permission. 4
    •  This brief report highlights a few data points from the Decitica survey on how the recession has affected men and women differently. (The full report with many more data and complete analysis will be released mid-September.)  Slides 6-9 refer to how women have been more affected emotionally by the recession. In general, more women than men are depressed, scared, worried and stressed. But women are also more determined, and feel fortunate and grateful.  Slides 10-12 show how men and women differ in their beliefs regarding future spending. Compared to men, more women appreciate frugality and are less likely to spend the way they did in the past.  Slides 13-14 illustrate gender differences in buying behaviors, price sensitivity and brand preference. Women are generally more frugal and price sensitive, and less likely to be brand loyal.  Slides 15-17 refer to the ease/difficulty of managing family finances, saving money, controlling spending and changing purchase habits in the last one year. Women say they have had more difficulty in implementing these behaviors. MORE DATA ON OTHER TOPICS AND DEMOGRAPHIC GROUPS TO BE RELEASED SHORTLY. Proprietary. Do Not Copy or Distribute Without Permission. 5
    • Question: We would like to know how the economic recession has affected the way you feel. Please tell us whether (a) you have frequently felt _____ in the Depressed Scared Total sample  1,055 Question: We would like to know how the economic recession has affected the way you feel. Please Men 502 tell us whether you have frequently felt _____ in the last one year and how you feel now. Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 6
    • Worried Stressed Total sample  1,055 Question: We would like to know how the economic recession has affected the way you feel. Men 502 Please tell us whether you have frequently felt _____ in the last one year and how you feel now. Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 7
    • Optimistic Determined Total sample  1,055 Question: We would like to know how the economic recession has affected the way you feel. Please Men 502 tell us whether you have frequently felt _____ in the last one year and how you feel now. Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 8
    • Fortunate Grateful Total sample  1,055 Question: We would like to know how the economic recession has affected the way you feel. Please Men 502 tell us whether (a) you have frequently felt _____ in the last one year and how you feel now. Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 9
    • • Women are more appreciative of the benefits of thrifty living. Total sample  1,055 Question: On a scale of 1 to 7, please tell us how much you agree or disagree with each statement? Men 502 Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 10
    • • Women are les likely than men to spend like they did in the past. Total sample  1,055 Question: On a scale of 1 to 7, please tell us how much you agree or disagree with each statement? Men 502 Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 11
    • • Women are less likely than men to spend on expensive things that make them happy. Total sample  1,055 Question: On a scale of 1 to 7, please tell us how much you agree or disagree with each statement? Men 502 Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 12
    • • Women report becoming more frugal than men in their buying and consumption behaviors. Total sample  1,055 Question: On a scale of 1 to 7, please tell us how much you agree or disagree with each statement? Men 502 Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 13
    • • Women are more price sensitive and less loyal to brand-name products. Not at all like me Question: On a scale of 1 to 5, please indicate how much each of statement reflects how your Total sample  1,055 typically are. Men 502 Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 14
    • • More women (31%) than men (23%) say it has been ‘very difficult’ to save money in the last one year. *Significant difference Total sample  1,055 Question: How easy or difficult has it been in the one year to save money? Men 502 Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 15
    • • Both men and women say it has been easy to control spending. Total sample  1,055 Men 502 Question: How easy or difficult has it been in the one year to control spending? Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 16
    • • More women feel it has been somewhat difficult to change their purchase habits. Total sample  1,055 Question: How easy or difficult has it been in the one year to change purchase habits? Men 502 Women  553 Proprietary. Do Not Copy or Distribute Without Permission. 17
    • Decitica is a marketing strategy and research firm. We bring new insights into evolving market structures and customer behaviors based on our disciplined approach to knowledge inquiry. Our toolkit relies on traditional market research techniques and new analytical approaches emerging from digital technologies and social media. Decitica was founded with a simple goal in mind: to help marketing executives with truly excellent and compelling perspectives and advice them on how best to market, engage and collaborate with customers. We also draw on the intellectual and technical resources of our partner firms in providing optimal solutions to marketing problems. Val has over 15 years of experience in marketing and market research. He served recently as Head of Marketing Strategy in the institutional advisory group at Morgan Stanley Investment Management. Prior to this, he was in charge of the global Market Research and Competitive Intelligence function at Standard & Poor’s for nine years. Val has conducted hundreds of studies on brand equity, new product testing, customer loyalty, segmentation, positioning, marketing optimization and related topics. He also served as an Adjunct Professor of Marketing at Rutgers Business School, where he received a Ph.D. in Marketing. His dissertation was on the marketing of financial advice and consumers’ advice-seeking behavior. For more information about this survey, please contact val@decitica.com or call (973) 462-2862.