ASDA President and CEO, Andy Bond, has today predicted that the recession will fundamentally change consumer behaviour and that retailers who fail to adapt to the new reality won’t survive.
Speaking in London at a seminar organised by ASDA and Cebr to discuss the impact of the recession on consumer spending he said:
“We can already see how changing attitudes are affecting customersâ€™ shopping habits.
Consumers are not prepared to pay a premium when they cannot taste the difference*. The era of conspicuous consumption is over. Saving money by cutting out waste of all kinds will be the priority. I don’t see this as being a short-term response to the recession but a fundamental shift that will see the emergence of a new breed of customer.