By Steven Van Yoder
In the good old days, businesses could plan their marketing campaigns based on a fairly consistent economy and clients' willingness to spend. For decades, companies could conduct initial marketing planning and research, followed by money, time, and resources, and good results were often predictable.
No more.
The recession has profoundly altered buying behavior. Now, as home values plummet, stock portfolios shrink and company profits erode, prospects are less likely to purchase items they perceive they can't afford and thrift is back in vogue.
"Some suggest the recession has endured so long and spread pain so broadly that it has seeped into the culture, downgrading expectations … and eroding the impulse to buy," reads a recent New York Times article Reluctance to Spend May Be Legacy of Recession. "The Great Depression imbued American life with an enduring spirit of thrift. The current recession has perhaps proven wrenching enough to alter consumer tastes, putting value in vogue."
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