Retailers Focuses on Consumer “Needs” rather than “Wants”
The US recession continues to burden retailers as more and more stores are being forced to go “small” as consumers piled up on their thrift habit, a new study showed on Monday.
The survey also revealed that some of the stores are literally cutting their size to accommodate the thin number of people who wants to spend.
Retailers in the United States are now going “small” as American consumers shifted their focus on what they need rather than what they want as the last remaining remnants of the recession lasts, a new study revealed on Monday.
Based on the study, retailers are now responding on the effects of the recession, the longest since the Great Depression, by offering consumers with discounted prices and coupons to lure them into spending their money on things that they want.
However, majority of the manufacturers are not satisfied with the promo’s results and the alternative course of action for them to survive is to go “small”.
Now, retailers are not only charging less on clothing products and apparels, they are also stocking their shelves with “smaller” or slimmed-down products such as milk jugs, pies, and other “wants” of the consumers.
Mid-cost products such as Kraft’s Handi-snack puddings are also being pulled out of the shelves to give way to other cheaper alternatives. Some stores were even forced to shut down half of its operation by literally reducing store floor area to keep them from shutting down.
Experts said that it will take another year or so before American can brush off their frugal habits as the recession hangover still looms to hundreds of thousands of consumers. With these results, retailers have no other option but to stay small and offer lower prices to their items.
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