Depending upon your business category and situation, you may be seeing signs of life in the economy.  Don’t be fooled, however, into thinking that the world will eventually return to status quo.

Here are three fundamental shifts we are seeing:

The emergence of younger demographic groups.  Baby Boomers (ages 45-63) will not drive the new economy; here are the two key groups you should be targeting:

• Gen X (29-45) customers are entering their peak earning and spending years.  Unlike the boomers, they are having children later (if they are having them at all).
• Gen Y (20-29), the Millennial Generation, is the first to be raised in new technology.  They are easily impressed and receptive to new tools and shopping techniques, but not necessarily easy to capture. Gen Y is more fragmented, with hundreds of small niches encompassing every variable from geography to lifestyle.  Marketers need to determine which of these niches constitute their best prospects and focus directly on them—so do your homework!

Fundamental changes in shopping behaviors. Here are three categories of recession shopping behaviors that will probably ameliorate over time, but never truly go away:

• Deal seeking – doing one’s homework before purchase, obviously aided by technology.
• Limiting – buying less, possibly allowing oneself to run out before re-purchase. Culling “wants” in favor of “needs”.  Shopping less often.
• Trading down – avoiding top brand names, choosing models with fewer accessories, shopping value retailers and discount stores.

Communications Upheaval.  Most of you know that traditional media is on the down slope, however, many of you are not sure what to do about it.  Everyone talks about Social Media, but few know how to execute it, and even fewer have tried it.  Be on the look out for the continuing shift!

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