In a consumer-driven market, people are truly spoilt for choice. Are they, really? Taking today’s feeble economy into account, consumers are left with fewer options to bargain with or sift through to make a choice relevant to their needs. Going a step further in shattering erstwhile ‘choice’ notions, increasing commodity prices and shrinking household budgets have forced consumers to settle with the ‘lowest priced’ product. Spurred by this drastic change in customer preferences, big brands have fallen to the lure of discounting strategies. With the price wars intensifying at the lower rungs, it is expected that the ensuing benefits will be passed on to the customer. A bright side to the crisis, the drop in food prices recently reflects this positive transformation. One hopes that this change is contagious, bringing about a deflation in prices of other essential commodities and contributing to the succour that Brits badly need.
The stark difference in the mentality of the average Brit buyer a couple of years ago and today is the inducement of fear. The insecurity is palpable and the panic is being transferred to commercial establishments, which wear “% off” signboards prominently. Clearly, it isn’t a win-win situation for businesses and consumers in this downturn. The choice of products is driven by helplessness rather than preference. It is expected to be this way till the dark clouds fade away.
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