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Consumer Frugality Name Professor Institution Course Date Date: To: From: Subject: Consumer Frugality and Its Impact on Marketing Frugality refers to the lifestyle of a consumer that is characterized by the ability to restrain from acquiring and using goods and services for the sake of achieving long-term goals.
According to a survey study conducted by Booz & Company on 2,000 consumers in the U.S., there is an emergence of frugal consumers. This is mainly because of the recent recession that has shaped their consumption behavior. It is expected that such consumption behavior will persist in the future even as there are reports that the U.S. is recovering from the recession (Zavestoski, 2002). Therefore, marketers have identified a market segment consisting of frugal consumers and are making efforts to attract such customers. The frugal consumer has very unique characteristics including a strong consciousness on value which determines the level of trade -off in price and convenience (Zavestoski, 2002). Research studies on consumption patterns among U.S. consumers indicate that almost 67 percent of customers are purchasing low priced products in order to reduce on spending while improving on saving (Craig-Lees & Hill, 2002). This is evident from the decrease in the Per capita consumption expenditure across almost all demographic groups. Additionally, customers have maintained a weak sentiment which has influenced their low expenditure on consumption. The target market segment of frugal consumers can be described using a number of demographic factors that define their unique features. ...
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