Cry Out to Shoppers in Economic Crisis

When a financial crisis pounds a developed economy, such as after a pandemic, successful marketers will recognize how consumers’ habits and mindsets change. Researchers at University of Madrid identified shifts which apply worldwide by studying residents of Spain living in an environment of economic hardship. The unemployment rate had reached 27%, 23% of households were at poverty risk, and 25% of households had debts which exceeded their total assets. The researchers also integrated into their conclusions reports of the reactions of consumers in Greece, Germany, and Detroit to environments of economic hardship.
     The overarching insight was that people find ways to continue consuming. The motivation is a desire to remain part of society. Economically developed countries are consumer cultures. If we don’t continue to make purchases, we’ll feel even more isolated than we would otherwise. The researchers dubbed the result “resilient consumption.”
     Be loud and clear with shoppers that you want to collaborate with them for whatever pattern of resilient consumption they choose. Here is my alliterative adaptation of major patterns identified by these researchers and others who have looked at the same issues:

• Prolong. Make items last longer, such as by using less of consumable products and finding creative purposes for products before discarding them. You could help by posting per-usage pricing in addition to the total price. Point out uses for worn-out items. 
• Prioritize. Choose which bills will be paid, leaving the others for the future and selling currently owned items to pay for newly purchased items. You could help by maintaining a list of credit counseling organizations to which you can refer customers who fall behind in payments. Offer layaway purchase plans. 
• Pretend. Switch to less expensive alternatives for indulgences as well as necessities. This is often accompanied by the customer keeping secret that the items are cheaper versions. It also may be accompanied by the customer imagining the higher quality product or service is actually what’s being used. You could help by stocking these less expensive alternatives and pointing out whatever similarities they have to the higher-priced choices. 
• Pray. Rather than keeping the shifts secret, some people emphasized to themselves the ways in which their consumption had indeed changed, and they eased anxiety by viewing what they were doing as an opportunity to support their religious beliefs about endurance. You could help with supportive talk if the shoppers bring up this variant of resilient consumption. 

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Know At Lease A Lot About Lease-to-Own
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