Consumer Frugality - Essay Example

Only on StudentShare

Extract of sample
Consumer Frugality

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 unique characteristics including a strong consciousness on a value which determines the level of trade -off in price and convenience. 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 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. The demographic factors include household income and age.
First, the target market segment consisting of frugal consumers is made up of middle-income households. They have an annual income between $20,000 and $50,000 and are very mindful when it comes to spending their income. ...Show more

Summary

This essay casts light upon the notion of consumer frugality. As it is mentioned in the text, 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. …
Author : tyrese68
Consumer Frugality essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Consumer Frugality"
with a personal 20% discount.
Grab the best paper

Related Essays

Marketing Strategies For Growth Overseas At Tesco
According to the paper marketing strategies are integral to maintaining a competitive edge as a product or particular brand must “measure up to a threshold of acceptable quality and be consistent with buyer behaviour, preferences and expectations”. The marketing strategy determines the strategic objectives of the business and also centres it as a market-oriented system designed to fulfil consumer needs.
8 pages (2000 words) Essay
Consumer culture
On the other hand materialism is the significance that a customer attaches to a specific good or service and it is characterized with satisfaction and dissatisfaction. Consumer culture assumes both consumerism and materialism therefore it can be defined as the social nature or lifestyle of customers and consumers where buying and spending is not only a predominant activity but also vital and significant to social organization, this implies that there is mediation between consumer material resources and meaningful ways of life as well as lifestyle culture and consumer social resources through a given market (Lury 2011).
12 pages (3000 words) Essay
Consumer Behavior
“The impact of consumer behavior on society is also of relevance. For example, aggressive marketing of high fat foods, or aggressive marketing of easy credit, may have serious repercussions for the national health and economy” (Consumer Behavior, 2010).
4 pages (1000 words) Essay
Consumer Protection
Consumer protection Name: University: Course: Tutor: Date: Introduction It is the primary duty of the government to protect the welfare of the consumers in any economy. Government laws on consumer protection also provide for redress mechanisms where the rights of the consumers in the contracts have been violated (Harvey and Parry 1996).
6 pages (1500 words) Essay
CONSUMER BEHAVIOUR
The marketer uses different marketing strategies in order to win the hearts of consumers For a company to sustain, participate and thrive, it is essential that the marketer sees these needs and wants, and supply products and services more successfully as compared to the other competitors.
9 pages (2250 words) Essay
Consumer Behavior
According to marketers, consumers’ internal psychology characteristics which reflect in their response towards a new products or services of a company can be defined as consumer personality (Schwarz and Hunter, 2012, p.15). Perception is all about the interpretation of something after the information search.
4 pages (1000 words) Essay
Consumer law
Ideally, consumer law covers an array of topics that include fraud, unfair business practices, product liability, misrepresentation, and rights to privacy among a list of other consumer/business enterprise interactions. The core principles embedded in consumer law safeguard against frauds that may arise from pricing, personal loans, consolidation, utility turn offs, and bill collection regulations that may influence bankruptcy.
10 pages (2500 words) Essay
Consumer Choice
psychological, social and corporate. Psychological influences are associated with such modern marketing techniques like advertising, promotion and pricing strategy. For instance a seller might carry an advertisement in such a manner so as to influence the consumer's choice, viz.
8 pages (2000 words) Essay
Consumer behavior
This market has both advantages and disadvantages for this launch attempt. It should be noted that in certain areas of this
18 pages (4500 words) Essay
Recession and Consumer Spending Habits in the Clothing Indusrty
The recession has undeniably affected consumers on every level, but further investigation is required to determine the extent and ways that behavior has changed. Women consumers are now aware of the
21 pages (5250 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT