Right now, classic demographics, such as 'Men aged 18-24,' just won't cut it anymore. I've asked MarketingSherpa's research team to conduct a formal study examining the changing demographics of our fair nation in the face of this seemingly endless series of economic crises. You can expect new demographic reports to appear in future Sherpa newsletters.
In the meantime, here's a heads-up on three of the demographic segments you may target for your campaigns. The good news: they're not all completely broke.
The New Frugal: They haven't lost their jobs or their homes, nor do they expect to. Also, they weren't planning on retiring for a good 10-20 years from now, so they expect things to be fine by then. Caught up in the national mood of poverty, however, they're cutting back on credit card purchases while growing savings. Purchases they would have made without blinking a year ago are now examined closely.
The new frugal are less attracted to sales and buy-it-now bargains than they are to significant value. They're seeking long-term, stable investments. They want quality, good value for their money, safety, longevity, and a sense of rational calm in the eye of the storm.
The New Cash Rich: Those belonging to the older segment of this demographic have pulled their funds from stocks and other investments. They now have liquid cash to put "somewhere safe." They won't fritter the money away without a solution. Hot topics include investment real estate.
The younger segment members are the newest college grads who either haven't left home yet or, perhaps, moved back recently. They know they should save their income for the future, but they can't help spending "a little" for fun while they're trapped at home waiting for their real lives to begin. That "little" is probably more than they would have spent on entertainment had they been out on their own paying for rent and food.
The New Entrepreneur: Every time we have a recession, a new crop of entrepreneurs springs out of those who were laid off. (I liken it to new plants springing up after a controlled forest burn.) They aren't buying fancy chairs or color printers; they’re establishing business bank accounts, second phone lines, inventory, and spending more time meeting potential clients and backers.
Are you targeting one of these demographics or another one I haven't mentioned here? Let me know by posting a comment. Any insights you have would be fascinating reading.
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