The current economic slowdown has created great debate among business executives looking for ways to maximize their marketing efforts while also monitoring costs.
What’s worse, companies are weary of what the slowdown means for their customers’ buying habits. Many executives believe consumers have put down their wallets, waiting for their confidence in the economy to rebound so they can continue spending on all kinds of goods and services. The belief here is that the consumer is no longer buying.
And if you believe this, you’d be wrong.
There are certain consumer segments that have yet to slow down on their spending patterns. In fact, these consumers may actually be increasing spending on items, services and experiences they refuse to give up. People falling into the affluent category are still spending despite significant rises in gas and food prices.
One industry in particular benefiting from this consumer segment is travel, hospitality and leisure. Affluent people are still spending on travel experiences since they have a comfortable level of disposable income and want to see the world. Cruise line operators continue to build larger luxury ships that cater to these customers, despite the slowing economy. Plus, the Walt Disney Company recently reported that it has experienced no weakness in its theme park business. In fact, operating income in its parks and resorts division rose 33 percent at the end of its fiscal second quarter, as reported recently in The New York Times.
The key is knowing which audiences are still spending money and, more importantly, understanding how your business can market to them in a way that entices them to get excited about your products/services.
