Has the recession changed how customers will shop?

A resounding YES. That’s one of the conclusions drawn from a recent study of American consumers, conducted by Decitica this past August. A majority of the surveyed consumers either agreed or strongly agreed the recession has permanently altered their buying behavior. In addition, a majority are already doing something about controlling their spending habits. These consumers also reported getting less pleasure from buying things now compared to the time before the recession (previous to 2008). And even fewer expect to get a lot of pleasure from buying things a year from now. Grim tidings for merchants looking to recoup losses from the past few years.

What’s more, results from Decitica concluded there are four distinct consumer groups coming out of the recession: Involuntary Penny-Pinchers, Pragmatic Spenders, Steadfast Frugalists and  Apathetic Materialists. Savvy merchants and marketers would do well to study the character of these new post-recession consumers.

Involuntary Penny-Pinchers characterize 29% of American consumers and are over-represented by those in their 30’s and 40’s. More than one-third has an income of less than $75,000. They are the group most affected both financially and emotionally by the recession. Their frugality has been foisted upon them by circumstances.

Another 29% of consumers make up the Pragmatic Spenders group, overrepresented by those in their 60’s, living in the Northeast and the West. More than one-third has an income of more than $75,000, making them one of the groups least affected by the recession.

Steadfast Frugalists make up 20% of consumers, cutting across all income and age groups. They are the most disciplined in their purchasing behavior; about one-third of those in this group identified themselves as tightwads even before the recession.

Apathetic Materialists, or 22% of consumers, are overrepresented by those in their 20’s. They are among those least changed by the recession in terms of their spending habits and future intentions, primarily due to their single status, younger age and limited current disposable incomes.

Decitica’s conclusions are not unlike those from HGTV’s and Furniture/Today’s joint research, The 2010 Consumer. Consumers have indeed taken a hit from the recession, adopting new consuming behaviors as a result. According to Furniture/Today’s results, more than two-fifths of consumers will not change their newly adopted habits once the economy improves. Among the top habits consumers plan to continue are paying with cash, using coupons, shopping several stores before buying, saving money and do-it-yourself.

A summary and highlights of this study are available on Decitica’s website.