GenDigital

The New Normal: Emerging Recession-Based Trends

Our ongoing New Normal explorations were originally based on the increasing number of college students and recent grads who said they were re-thinking their career and life plans. Make no mistake about it; the impact of the recession has had a strong psychological effect on many young people above and beyond the tangibles like less money in their pockets for snacks and beer. The latest exploration looks at perspectives of the definition of the American Dream and what it means.

The New Normal itself can be equated to a sobering self worth check where the concept of a simpler, perhaps even less complicated life gains favor, whereas materialistic possessions become more of an afterthought. No doubt these mindset shifts can have significant tangential effects on media and retail preferences and behaviors--pretty interesting findings:

Redefining The American Dream:

"Having a satisfying career that contributes to society in some way is more important than just making a lot of money"

Agree completely: 26%
Agree somewhat: 37%
Not sure: 11%
Disagree somewhat: 17%
Disagree completely: 9%
 
"I would rather have a happy marriage and children with an average paying job at age 35 instead of making a lot money without a spouse and children at age 35."

Agree completely: 28%
Agree somewhat: 34%
Not sure: 7%
Disagree somewhat: 14%
Disagree completely: 17%
 
"To be truly happy in life, I need to be making a lot of money"

Agree completely: 15%
Agree somewhat: 13%
Not sure: 10%
Disagree somewhat: 38%
Disagree completely: 24%
 
"I believe it's an obligation as a person to help others who are less fortunate."

Agree completely: 18%
Agree somewhat: 22%
Not sure: 6%
Disagree somewhat: 27%
Disagree completely: 27%

Brand New Site & Offerings

We're please to announce the relaunch of the Youth Trends site. As part of the relaunch we're now offering select Youth Trends reports, including Top Ten, Insights and segments of the Lifestyle deep dive available for purchase on a standalone basis. We're also featuring our series our seasonal supplements including our annual Back to School Retail & Shopping report as well as the annual Fall Television Preview report, the Holiday Gift Wish List & Shopping report, among others. In addition to all of the back-end development, Shannon and her team refreshed our logo and color palette. I'm biased of course, but I think she did a great job.

Back To School '09 Retail & Shopping Report Highlights

Call it the back to school season of "frugality." Based on the results of the recently released Youth Trends Back To School Retail & Shopping report, the majority of teens and college students demonstrate a measurable level of frustration as it relates to what they need for the new school year versus what they actually desire. The report findings detail the purchasing conflict across a variety of product categories ranging from clothing to residence furnishings. What's more, the results highlight a significant difference in what younger students, led by incoming college freshmen, plan to spend this season compared to the older segment of students, mainly those students that will be entering their third or fourth year. Essentially, if you're not an incoming freshmen, you're spending is down considerably.

When all is said and done, teens and college students (and their parents) plan to spend an average of $614 on back to school-related purchases this season, compared to $619 last year. At first glance, given the state of the economy and related conditions, the spending number comes off looking quite rosy. That said, the major finding for this year's report is not really the spending number at all, rather it's a broad shift in attitude. By this point you can safely assume that most parents out there will do just about anything for their college-aged children and if that means cutting back on other purchases in order to prop up the finances of their offspring, then so be it.

 

It's our belief that the catalyst for the marked shift in student consumer attitudes is really nothing more than a heightened sense of awareness by the audience that in all likelihood, their parents have in fact cut back on some purchases in order to continue to fully support their lifestyle instead. In other words, many students are feeling a certain sense of responsibility, or more boldly, a feeling of guilt to not go out and spend like a drunken sailor.  

 

The full report will be available for purchase through our new website, which is set to launch next week.