By Rieva Lesonsky
In the marketing industry blogs I read, one of the most common topics in the past year has been whether consumer attitudes about spending have permanently changed due to the recession.
Many experts contend that the economic crisis will have long-lasting effects, much the way The Great Depression shaped the mind-set of a generation. (Raise your hand if you had a grandma who saved every piece of wrapping paper, worn-down soap, etc. etc.) Generation Y, who has never experienced such a downturn, may be particularly affected.
But other experts disagree—and I’m on their side. Remember after 9/11, when pundits opined on how American’s attitudes would be permanently changed? Of course, in some important ways, they have changed. But in many other ways, things have bounced back to normal. For a few weeks after 9/11, we were sternly told that Americans were never going to laugh at a joke, spend money on frivolous items, or enjoy themselves ever again. That didn’t last long, did it?
Take it from someone who considers shopping a sport: I don’t think the pent-up urge to buy goes away. I think it’s going to bounce back, stronger than ever, when recovery happens. If you’re one of entrepreneurs who is prepared for it, you’ll enjoy the benefits.