Hampson, D.P., Grimes, A., Banister, E. et al. (1 more author) (2018) A typology of consumers based on money attitudes after major recession. Journal of Business Research, 91. pp. 159-168. ISSN 0148-2963
Abstract
Since the Great Recession, not all US consumers have felt the financial benefits of the sustained period of macroeconomic expansion. While some research demonstrates renewed consumer confidence and financial security among households, other studies highlight economic vulnerability and higher levels of distress relative to before the 2007/09 crisis. This study examines empirically the heterogeneity of consumers' money attitudes in the post-recession economy. Based on a nationally representative sample of US consumers (n = 1202), we identify four post-recession consumer types, distinguished by important attitudinal and behavioral differences: “Flourishing Frugal”; “Comfortable Cautious”; “Financial Middle”; and, “Financially Distressed”. While the prior studies offer broad strategic advice, this study indicates that marketers need differentiated strategies to target most effectively and deliver value to different consumer clusters.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2018 Elsevier Inc. This is an author produced version of a paper subsequently published in Journal of Business Research. Uploaded in accordance with the publisher's self-archiving policy. Article available under the terms of the CC-BY-NC-ND licence (https://creativecommons.org/licenses/by-nc-nd/4.0/). |
Keywords: | Recession; Economic recovery; Cluster-based segmentation; Consumer confidence; Frugality; Perceived financial security |
Dates: |
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Institution: | The University of Sheffield |
Academic Units: | The University of Sheffield > Faculty of Social Sciences (Sheffield) > Management School (Sheffield) |
Depositing User: | Symplectic Sheffield |
Date Deposited: | 09 Jul 2020 12:10 |
Last Modified: | 09 Jul 2020 12:10 |
Status: | Published |
Publisher: | Elsevier BV |
Refereed: | Yes |
Identification Number: | 10.1016/j.jbusres.2018.06.011 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:163063 |
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Filename: JBR Manuscript 2018_06_15.docx - SHURA.pdf
Licence: CC-BY-NC-ND 4.0