Had to share this quote from Brian Sozzi on wstreet.com last week, because, as marketers, if we don't understand what the consumer is facing and feeling, we have no chance of connecting with them.
The economy is going to effect how Mom shops, especially right now for back to school. She still has to purchase - her kids need clothes and supplies - but she is going to be a helluva lot smarter and frugal about it. Smart marketers who show a lot more empathy and understanding of that will win bigger.
"That being said, I think it's important to mention the plight of the low income consumer. When we hear that wage growth is not keeping pace with inflation it's the sub $50,000 annual income households, and even the "squeezed middle" earning $60,000 to $80,000, that are feeling it disproportionately. The quarterly earnings from Dollar General (DG) and Family Dollar (FDO), and the June sales from Bon-Ton (BONT) and Fred's (FRED; and earnings warning), shed a floodlight on the weekly spending volatility of households that only dream of buying something at Nordstrom (JWN) and Saks (SKS)."