A new study out by BIGresearch (From Cablespots 2/19/09) tells us what things consumers are and are not willing to give up when money gets tight. The top 3 things people won’t give up were all technology related:
- Internet Service 81%
- Cell Phone Service 64%
- Cable or Satellite TV 61%
Other items that were mentioned but below 40% were haircuts/color, fast food (really? ever watched Super Size Me or Fast Food Nation?), sit-down restaurants, charitable contributions, and vacations.
The expendable list showed much more agreement. The things people surveyed are most likely to give up were:
- Luxury Handbags 91%
- Satellite Radio 91%
- Specialty Store Apparel 91%
- High End Cosmetics 91%
- Maid Services and Facials 90%
- Fine Dining 89%
- Manicure/Pedicure 88%
- Upgraded Cell Phone Service 88%
- Club/Social membership 87%
Do you have products or services that fit in the “expendable” list? What are you changing about the way you do business to meet your customers demand for more basic things? If you have a compelling reason for people to use or visit your company now more than ever because of the population’s changing perspective on what they need, are you inviting them to do business with you?
