A recent Chase Slate/U.S. News survey noted that 18-year-old to 34-year-olds are more committed to saving money and decreasing spending this year than those in any other age group. Make no mistake, 2011 will remain a challenging one for retailers and product marketers.
What Buyers Seek
Plan on seeing smarter buyers than ever before. Thanks to continual access to competitive data, more intelligent buyers will come into your store or log on to your website. They'll do so armed with pricing and availability of rival products and services. They'll even go as far as to walk into your store, take a picture of a particular product on your shelf using Goggles mobile search app, then find a better price and purchase it online — all before walking out your front door. What's more, high-tech gadgets won't be the only items impacted. Virtually every product or service will see increased pressures on price and availability. The bottom line is that consumers are looking for the best bargains. As a result, price wars will ignite.