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The report noted that consumers rate their home first, in terms of importance, and for many in the United States, this may mean a return to renting as repossessions rise. Food and clothing are also important, but in both cases there are opportunities to cut back on spending and still cover the basics. “With food, drinks and personal care products, the chances are that people will trade down particularly in areas that are less important to them. The purchase of clothing and durables will likely be delayed as well,” said Gina Westbrook, research manager at Euromonitor International.
“Convenience and comfort are still essential for the consumer, particularly when it comes to technology,” added Gina. Access to the Internet is growing worldwide and 'new technology' is becoming the norm. “Technology has been one of the areas where consumers have always been prepared to spend money. But with the economic slow down, growth may be limited to products that offer real benefits. Consumers will likely cut back in other areas in order to protect their spending on the next iPhone, computer or digital media player,” finished Westbrook.
The 25 Global Consumer Trends for 2008 report highlights various trends impacting the consumer through 2012. Highlights include:
The full report is available at Euromonitor's web site.