As we all have been hearing ad nausem, consumer spending is down, no one has any money, the apocalypse is coming and life as we know it is over. Okay, that may be a bit dramatic, but let's face it, news of late has been dismal for the most part. Well, there may be a light at the end of the tunnel according to a recent WWD article. Consumers are still trading up on certain goods...ah, we feel better already.
Premium Spending: Consumers' 10 Favorite Trade Ups
By Valerie Seckler
From WWD Issue 04/08/2009
With kitchen table conversations about what kinds of purchases can be put off, “people are [getting] tired of denying themselves,” said Michael Silverstein, a senior partner at The Boston Consulting Group. Food accounts for three of 10 favorite trade ups to premium goods as consumers with tight finances eat more meals at home.
Apparel failed to make the top 10 because so many people “acquired lots of it between 2002 and 2007,” Silverstein said. But he anticipates change ahead. “The big inventory of unworn clothes at home is running down,” he said. “Innovation technically and functionally — like wrinkle-free material, improved fit and comfort — could spur purchases.”
Top 10 Consumer Trade Ups In The U.S.:
1. Personal computers
2. Fresh fruits and vegetables
3. Bedding
4. Meat
5. Home entertainment
6. Cars
7. Sit-down restaurants
8. Kitchen appliances
9. Washers and dryers
10. Fish and seafood
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