The year 2008 may be gone, but it is definitely not forgotten. It will go down in history as the year the United States entered the most significant economic recession since World War II. This recession will last well into 2009, and possibly beyond.
Every American has felt the impact of the country’s economic battle. Across age, income, and ethnicity breaks, consumers have been forced to make substantial changes to their everyday lives- and shopping habits- to stay afloat in a recessionary economy. Changes have been broad and deep…and rapid.
The CPG industry must stay on their collective toes and respond to continually changing rituals with a new level of deftness, for difficult times will enable relationships that will outlast the recessionary environment.
Frequent and thorough monitoring of changing consumer attitudes and behaviors is more necessary now than ever before. And the ability to anticipate change before it happens will define the big winners in the long term.
This 2008 Year-in-Review report explores industry performance over the past year, and provides insights on what to expect as 2009 unfolds.
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