Booz & Company just released its second survey of 2,000 American consumers since the recent recession took hold in October 2008.  And its findings confirm that “the new frugality” is becoming entrenched and is expected to persist even after the economy improves.  For example:

In short, the Great Recession has forced consumers to shift their behaviors, and many of these new behaviors will stay in place. As consumers persist in more frugal behaviors — such as trading down to private labels and buying packaged foods rather than eating out — companies that rely on pre-recession strategies and tactics will find themselves struggling against strong headwinds.

Given the fundamental shifts in consumer behavior, consumer marketers and retailers — across categories as varied as food and beverage, home improvement, consumer electronics, and apparel — should be changing their product assortments, pricing strategies, advertising, and promotions. Companies that do this well will find the winds far more favorable, and they will prosper first and most in the new value-driven marketing environment.

Read the full article via Strategy + Business.