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A Change In Consumer Attitudes. A Change in Consumer Attitudes The New
York Times article, “Bargain Draws Crowds, but the Thrill ...
... The advertisers must keep in mind consumers attitudes will vary in strength and
reflect on there values. Attitude change: When the consumer ¦s aspirations ...
... The consumer’s own personality affects both the acceptance and the speed with which
attitudes are likely to be altered. Strategies of attitude change can be ...
... able to understand better how we can change and create attitudes. This particular
theory has had one of the greatest influences on consumer attitude research ...
... weight conscious, Heinz have moved to meet these changes in consumer attitudes ie
Low ... ???h Heinz pay a lot of attention to the change in consumer habits and ...
Submitted by squeakman23 on April 14, 2008
Category: Business
Words: 375 | Pages: 2
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A Change in Consumer Attitudes
The New York Times article, “Bargain Draws Crowds, but the Thrill is Gone,” by Michael Barbaro, described the change in the attitudes of consumers on Black Friday this year compared to past years. Although the sales increased by 5 percent (to 20 billion from about 19.1 billion in 2006), more money was spent on discounted items then in past years. While in better economic times consumers shopped at higher priced stores such as Macy’s, Abercrombie and Fitch, and Nordstrom, this year more money was spent at bargain stores including Wal-mart, Target, and Big Lots. A few consumers interviewed were almost embarrassed and upset that they were obligated to shop in these types of stores. One woman actually stated that she was embarrassed to be seen at Big Lots. It seemed that this year Black Friday was more about desperation, rather then celebration.
The current explanation for this decrease in money spent by consumers is an unstable economy. There has been a decrease in the housing industry, as well as, an increase in gas prices. Consumers now have less income to spend on Christmas gifts, because more is spent on gas and other more important goods. Bill Dreher, a retail analyst at Deutsche Band Securities stated that “people are cheaping out and sticking to the essentials.” Christmas shopping is simply taking a backseat to other needs.
This change in demand can be explained by the principle of the Income Elasticity of Demand. The IED is the percent change in quantity demanded divided by the percent change in income. If IED is greater then 0, it is a normal good, and if IED is less then 0, it is an inferior good. Christmas gifts from high priced stores would be considered a normal good and a luxury, because as consumer income decreases the demand for these items goes down. This means that consumer demand is elastic. In other words, they see the good as having many substitutes, and are...
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