Abstract
About this report
The recession beginning in December 2007 ended the longest bull-run in stocks in the history of the United States. In the wake of continued news of economic decline and hardship, consumers tightened their belts in 2008 and 2009, seeking to cut household costs, limit expenditures and maximize savings. Even if the worst of the recession is over, consumer behavior will be altered for some time. Behavioral changes from the current period are unlikely to be reversed overnight, as customers are expected to spend conservatively for several years.
Mintel’s research detailed in this report shows:
- Households across the income spectrum are tightening budgets and cutting back on spending in a range of service areas, including cleaning, beauty, fitness, pet and childcare services
- This report examines overall economizing efforts and analyzes the degree to which consumers are cutting back
- Included are suggestions for how different service industries may best maintain existing customers and looks at opportunities for manufacturers of related products to develop their market presence by offering economical alternatives to professional services
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