Has the Recent Recession Caused High Street Consumers to Change Their Buying Habits?

3329 WordsNov 1, 201014 Pages
The author of this essay is a consumer of high street fashion apparel and expresses a personal interest into the findings of the research. The author hopes to obtain an advanced understanding of consumer buying behaviour in the current economical climate and compare it with their own spending habits. The strategic issues that are relevant to this topic are as follows; are there specific groups of consumers being targeted when undertaking the research, what are the consumer behaviours that are notably different as a result of the recession and how have these behaviours affected the retailers. The aim of this research project is to understand the extent the high street has been affected by changes in consumer behaviour, caused by the…show more content…
An assessment should then be carried out to determine who the winners and losers are of the fashion high-street retailers and this has been completed in the same report. Value and young retailers, supermarkets, mid-market retailers and specialist retailers (in particular foot-wear) have been analysed, by terms of sales, to define which retailers have succeeded and which have suffered during the recession. By comparing these retailers, it can be understood what the succeeding retailers have offered consumers over the suffering retailers. Value retailers have stood out in this report as being a beneficiary of the downturn “this growth has been driven by a number of economic factors, particularly consumers’ keenness to obtain value for money and genuine pressure on their household budgets, leading them to trade down on many items. Given continued reductions in clothing prices, fashion has been particularly attractive relative to other household spending categories” (Mintel, 2010). The report suggests that “as might be expected, taking advantage of sales and offers is more common among those spending less last year as well as in 2010, as is shopping more often in value clothing stores or trading down to less expensive stores than usual”. The report ‘Clothing Retailing – Europe – 2009’ suggests that “when the economy starts to recover, life could get tougher for the value retailers and positioning correctly for the upturn will be important. So, while ultra low prices and

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