Consumers Spend Less, Save More Than the During Last Boom, Affecting a Wide Variety of Companies

After piling on debt, running up their credit cards, signing mountains of mortgages and buying new cars at a soaring rate from 2002 through 2007, consumers have completely reversed course. Personal savings rates are much higher than they were during the last boom. Some categories of consumer debt have declined dramatically, to much lower, healthier levels. Welcome to a new era of increased frugality and worried consumers. Nonetheless, consumer spending has been reasonably strong, with automobile sales and online retailing doing extremely well. Consumers will remain cautious about using credit card debt.

The most successful companies will be those that offer products and services with lasting value, low prices, good customer service, cost-saving strategies or innovative technologies. Excellent examples are Wal-Mart (low prices), Costco (good service and low prices), Amazon (innovative use of online technology to provide convenience and cost-savings), travel firms like Southwest Airlines and Carnival Cruise Lines (good service, low prices, high value) and car makers like Kia and Hyundai (lasting value, low prices).

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. Excepteur sint occaecat cupidatat non proident, sunt in culpa qui officia deserunt mollit anim id est laborum.

Become a Plunkett Research Online subscriber to gain unlimited access to our massive amount of vital industry data and market research.

✔ 100,000 Industry Statistics
✔ 500 Industries Analyzed for Market Size, Profits and Forecasts
✔ 150,000 Industry Executives Profiled
✔ 25,000 Companies Profiled, Ranked and Analyzed
✔ 1,000 Vital Trends Analyzed, totaling 1,000,000 words

Learn More

Consumers Spend Less, Save More Than the During Last Boom, Affecting a Wide Variety of Companies, Business and Industry Trends Analysis

A Representative List of Organizations that Have Used our Research and Products:

How to access Plunkett Research data.

What data challenge can we help you solve today?

Take a Tour

Contact

Testimonials