Customer Insight

Customer Insight gets Neural – A growing number of firms will adopt neuromarketing and related techniques to develop real insight into the neurological basis for customer behaviours. Others will continue to do market research whilst ignoring the wealth of direct customer feedback already available.

Zero Tolerance

Zero Tolerance – Customers will increasingly vote with their feet or their fingers in the face of poor service or website failure. Whilst they may tell their friends about the poor service experience, they will be less and less inclined to inform the vendor – particularly where the amounts involved are relatively small.

Ethical, Green and Cheap

Ethical, Green and Cheap – Consumers will be increasingly willing to buy products with strong ethical or green credentials. However, in the mass market, price will remain a key consideration and it remains unlikely that vendors will be able to charge a premium for such products in the near term.

Savings in Fashion

Savings in Fashion – Despite government exhortations to help spend our economies out of the downturn, many consumers in developed markets will look to reduce personal debt and increase their levels of savings. Economic uncertainty, pensions concerns and healthcare costs will all be contributing factors to this new found thrift mentality. Some may wait for a second downturn before adopting such behaviours.

Spending

Spending - The Playing Field Has Changed - The downward shift to lower priced products and less conspicuous consumption is unlikely to see a rapid reversal in 2010. The spike in sales for Christmas 2009 should not automatically be seen as a turning point. High levels of personal debt, uncertainty over job prospects and general nervousness about the economy could lead to a more permanent 3-5 year downward shift in market behaviour.