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Changing American Lives MPA Retail Conference March 19, 2002

Changing American Lives MPA Retail Conference March 19, 2002 The Events of September 11 th Affected Us All in Many Ways: For my generation, it was added to other defining moments that have profoundly altered our most basic assumptions and perceptions regarding the world around us.

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Changing American Lives MPA Retail Conference March 19, 2002

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  1. Changing American LivesMPA Retail ConferenceMarch 19, 2002

  2. The Events of September 11th Affected Us All in Many Ways: For my generation, it was added to other defining moments that have profoundly altered our most basic assumptions and perceptions regarding the world around us.

  3. For our children, it stands alone as an event that will ensure that they never again feel the same level of safety and security that they previously had been fortunate enough to take for granted.

  4. Challenged our ethnocentricity Caused us to reassess our priorities Caused us to become better informed Motivated us to reach out to others Nonetheless, these cataclysmic events have done much to strengthen us as individuals and as a nation. They have

  5. These events have united us in our fears and in our hopes for a better – and safer – tomorrow.

  6. They have also affected: • Our most basic values • The way we spend our time • The products we buy • The trips we take • The media we consume

  7. To monitor these changes, in September McPheters & Company and Beta Research initiated a tracking study: Changing American Lives; Changing Media Preferences that will run through 2002.

  8. Today: • Highlights of the major trends affecting our society • Implications for the future

  9. Strength in Community; Increased Reliance on Faith • More time with family and friends • Especially among those under 35 • More time at home • Increased reliance on their faith • More positive attitudes towards work

  10. Increased Connection With Family, Friends, and Home

  11. The Workplace • Slight decrease in time spent working at office • More positive attitudes towards their company and their job • I appreciate my job more • My company handled the crisis well

  12. Some Leisure Pursuits Have Become More Important

  13. Others Have Been Curtailed

  14. Shopping Has Declined Across Many Channels

  15. We are overcoming our fear of flying. While: • 31% are afraid of flying • 34% will travel less • 25% will select different destinations all are down significantly in the last few months.

  16. Spending & Investments • 52% are more careful with their spending • 48% worry more about financial security; up from 39% in previous wave • 44% have adopted more conservative investment strategies

  17. Changes in Values & Priorities More appreciative/take less for granted More cautious More conservative More aware Better informed Especially those under 35

  18. Changes in Media Usage • More time spent with all major media • A much larger proportion of time spent with media allocated to news • Greater interest in international news • Greatest increase in consumption of news by those under 35

  19. Increased Consumption of All Major Media Wave II

  20. Media Effects Have Moderated, But Are Still Profound

  21. Increased News Consumption Led By Young

  22. Implications for the Future

  23. Implication #1 Consumers will soon start to ease up on their purse-strings • Accustomed to prosperity; unresponsive to themes of self-denial and deprivation • Strongest among employed and financially secure

  24. Beneficiaries: Most, but not all, sectors of the U.S. economy As Americans continue to spend carefully, retailers and manufacturers offering quality and value will flourish.

  25. Implication #2 Spending patterns will reflect increased time spent at home. • Will benefit categories like: • Home electronics • Home improvements • Furniture & accessories • Kitchen equipment • Products consumed at home

  26. Beneficiaries:Lifestyles more oriented to home and family will result in a larger proportion of shopping done from home; and will benefit those marketers who make it easy for buyers to place their orders online, from the kitchen counter, or from their favorite chair.

  27. Implication #3 There will be a trend towards understatement and comfort. • Heightened sensitivity & concern for the needs of others • Increased appreciation for products that make us feel comfortable & secure • Macaroni & cheese • Cashmere • Insurance

  28. Beneficiaries: Providers of things like: • Cashmere & down • Comfort food; i.e. macaroni & cheese • Insurance • Volvo • Security systems

  29. Out with the ostentatious, in with the safe, reliable and familiar!

  30. Implication #4 Affluent Americans will become a more important target for marketers, as they account for an increasing proportion of sales in many discretionary categories.

  31. Beneficiaries: Media that most effectively reach this segment of the market.

  32. Implication #5 Increases in the audiences for major media will moderate – but will remain significantly above pre-September 11th levels.

  33. Interest in news will remain high relative to past years • Partially supplanted by • increased demand for entertainment • content related to family, relationships, and the home • High demand for financial news

  34. Beneficiaries: Advertisers who are prepared to take advantage of: • Larger audiences • Lower costs • Reduced clutter

  35. Implication #6 Increased value will be placed on established relationships and brand preferences.

  36. Beneficiaries:Marketers who maintain their advertising presence will benefit at the expense of those who neglect communications with their customers.

  37. Recommended Strategies: • Frequency of contact • Emphasis on tradition & relationships • Product benefits related to: • Home • Family • Safety • Economy

  38. Changing American LivesMPA Retail ConferenceMarch 19, 2002

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