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Do you know which consumers can or cannot afford to spend in today’s economy?

20 November, 2010 - Source: The Financial Services Forum

After the worst recession since the Great Depression and unexpected levels of recovery, is it surprising consumer behaviour is more unpredictable than ever?

As the UK comes to terms with the magnitude of its longest-ever recession, we are now witnessing the period of fastest growth of the last decade. In this climate of instability, it can only be expected that consumer decisions have become more complex, and the need
to understand people’s reasons for buying more vital than ever before.
Despite the recent upturn, many consumers still feel uncertain about the future and are reluctant to spend. But as the recovery gathers momentum, businesses need to retain their best customers and target the most profitable prospects, without being exposed to
bad debt or defaulters.
How companies view their customers influences their expected value to the business. One dimensional views, like the demographic ‘who’ or the behavioural ‘what’ are no longer enough. To uncover more relevant insight, organisations need to integrate multidimensional insights such as ‘why’ customers act the way they do and ‘how’ they may behave in the future.
Brands can now scrutinise and react to the effects of the economy on a household’s overall expenditure and financial commitments and how this impacts on their interaction with products and services.

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