There are some things that consumers just won't do without. On that list, according to a new survey conducted by BIGresearch for STORES magazine, are the internet (80.9 percent), cell phone service (64.1 percent), cable television (60.5 percent), discount apparel (43 percent), hair cuts/coloring (40 percent), fast food restaurants (36.6 percent) and new shoes (24 percent).
"The current economy has forced many Americans to find new ways to live and even shop," said Susan Reda, executive editor of STORES, in a press release. "However, many consumers can't imagine life without the Internet, text messaging, and basic cable."
Phil Rist, executive vice president, strategic initiatives, BIGresearch, said, "Today's economy has had an impact on every American, and retailers are dealing with very different shoppers than they were one year ago. While many people have opted to trade down, some refuse to sacrifice certain luxuries, cutting items they feel are expendable to compensate."
While men and women value many of the same things, they do not always view them equally. Women, for example, were more likely by a 70 percent to 57.8 percent margin to put cell phones on their untouchable list.
There were also variations by age with roughly 70 percent of 18-34 year olds saying hair cuts/coloring were expendable versus 57.8 percent of 35-54 year olds who felt the same way.
Discussion Questions: Are there ways that brand marketers and retailers can elevate a product to "can't live without" status although it may not be on that list at the moment? What is required to get consumers to trade up in the current environment?