According to an article in Ad Age, a change in consumer spending has signaled the advent of a change in consumer values. In response to the country’s latest recession, consumers are, of course, spending less, but they are also redirecting their spending to reflect their values because they now realize that each dollar matters more. The article goes on to suggest, “as ordinary people find themselves less rich, they realize how they spend is a form of power, which they are using to communicate their values and reward those companies that truly reflect them, whether they are pro-environment, anti-bailout or some other issue.”
The values that Ad Age identified as mattering most to consumers include optimism, education, thrift, community, and mindful consumption. This means that the companies that are most likely to receive the re-evaluated dollars from the hands of consumers already reflect these values in their businesses as well.
What have your findings and experience shown? What role do a company’s values play in a consumers decision to engage that company? And what can a company do to ensure that the right values are reflected in their behavior, and the perceptions of their customers?