According to a recent survey from Booz Allen Hamilton, frugality is here to stay, at least for a while.
"..companies need to work to understand the essence of these changes by consumer segment, and adjust offerings accordingly. Reverting to business as usual is not an option because many of the self-reported changes in consumer behavior, even among wealthy consumers, appear to be sticky. The frugal consumer is here to stay."
BAH found spending on categories like consumer electronics and apparel and shoes to be significantly impacted.
65% of consumers stated they spent less on consumer electronics in the past 12 months and 21% expected to spend even less in the next 12.
For apparel and shoes- 55% of consumers stated they spent less over the past 12 months and 21% plan to spend even less in 2011.
The consultants suggest in their report some kind of explosion in the usage of online retail; with many consumers flocking online for the first time in many categories and others using it as a strategic tool to research their purchases.
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