Great Recession Caused Consumers To Rethink Their Buying Priorities:
The Great Recession caused consumers to rethink their buying priorities. This is the statement which relate towards the changing marketing landscape. Marketing landscape can be describe as what are the consumer buying patterns. It can be either over buying or lower buying. For example, a consumer has capability and resources and extra money through which it buys goods more goods. These goods can also be the necessity items or it also can be the luxury ones.
This situation lies under over buying power. In low buying power people don’t have the enough money or resources to buy the necessity item. These items can be the living item like food, clean water shelter etc. now, let’s move towards the changing market landscape. A recession has more impact on the buying power of people because in recession countries economy is going down. It means the value of money decrease and inflation rate increase.
It means people have the same amount of money and they have less buying power to buy fewer items. In this scenario, there will be less demand in the market and companies will have over production. In this scenario, market landscape will change as negative because there is excess of everything in the market but shortage of consumers. People will only buy those products which are necessary.