Orange County Advertising is more important than ever to today's business owners in what is considered a "down market".
A study commissioned by IBM found the following U.S. Consumer Trends based on 4000k phone interviews:
· 72% of respondents have made "significant spending cuts" due to economy. Hardest hit are those earning less than $45,000, but 59% of those earning greater than $100,000 have also cut back.
· Steps taken to change: 49% shop at more stores to get best deal, 35% switched grocery stores.
· "It used to be much more about price & want, now it's all about value & need. This is a much more sophisticated approach to shopping," says IBM Institute for Business Value.
· Shopping for clothes is major area of cutback: 38% say they're buying less clothing & 20% say they're buying cheaper brands. People are also more open to online coupons sent to their mobile devices to save money.
(Source for the above: OC Register, 9/25/09)
How can you, the Orange County Business Owner, use this information to better utilize your advertising dollar?