Essay: The Global Recession

Sample Essay

The global recession is anticipated to have heavy impacts on European consumers due to massive price augmentation and reductions in spending power. It will have additional more grave concerns for nations all over the world. The financial turmoil has certainly reduced demand as financial uncertainty had led buyers to cut down on their purchases and brands. On the other hand, retailers have cut down on production. It is commonly known that as recession intensifies, people would normally have lower spending power.

This leads to an exceptional alteration in purchase decisions and buying patterns of the consumer regardless of age and class. With lower disposable income consumers are probable to give up many goods and services, it is most likely that they look for heavily discounted items. This paper attempts to look in to the economic crisis not from the viewpoint of an economist but from the eyes of a customer. This paper presents an analysis of the impacts of the recession on consumer behavior of students at Durham University in United Kingdom. This paper attempts to broaden the recognized literature on the topic by analyzing the transformations in their behavior due to the current recession by analyzing the factors that help make purchase decisions, pricing strategies of retailers, different behaviors revealed during in the process of buying and what impact can marketing strategies of goods and services providers can apply to make this impact less impactful.

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