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Consumers are cutting back on non-essential spending

• Consumers are cutting out non- essential purchases, particularly in luxury categories

Ostentatious wealth is becoming less fashionable

- Global luxury goods market to decrease by 3 to 7% in 2009 (Bain study)

“In grim times, it becomes distasteful or simply unfashionable to spend money on bling.”

Rory Sutherland, Ogilvy

  • Strong impact on food/drink habits at work (Vault Study, US, Oct. 08)

    • -

      61% are bringing sandwich from home

    • -

      28% are cutting back on coffees

“I'm ordering less expensive items from my favourite lunch places.”

“It’s now chic to cut back. People say about their holiday: ‘No, we’re just spending a very quiet holiday with family’

  • instead of ‘We’re

going to Anguilla for Thanksgiving.”

President of a wealth management firm

US consumer

Source: Reuters 13 GXC ConsumerOfTheFuture_BainStudyJanuary2009v2 This information is confidential and was prepared by Bain & Company solely for the use of our client; it is not to be relied on by any 3rd party without Bain's prior written consent.

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