3. Consumers Changing Spending Habits (Jan, 2002)
Master CNN 2007/11/03 14:45[1] Americans Rethinking Their Priorities
GARRICK UTLEY, CNN Correspondent: There we are ? consumers ? 285 million engines of the economy, each with a mouth to feed, a wish to fulfill, a need to satisfy. The fate of the 10 trillion dollar American economy, we are told, is in our hands and credit lines. So, what are we going to do about it this holiday season? We know the state of the economy, we know the state of mind since 11 September, and we know that consumers are rethinking their priorities about what they really want in life.
And so at advertising agencies where the eternal cat and mouse game is played out between those who make things and those who buy them, they are being very careful.
CARL JOHNSON, TBWA Advertising: Don’t fake it, don’t over-claim, don’t trivialize. Where does this product, this brand fit in people’s lives. Come on, it’s only a beer.
[ADVERTISEMENT] Where you can leave reality behind.
UTLEY: When it comes to getting your dollars perhaps Las Vegas can sell itself as an escape from reality, but what’s in store for those of us back in the real world?
J.
WALKER SMITH, Yankelovich Partners: I think the age of, ah, extreme hype is over, ah, I think consumers are going to be looking for things that are a little more understated and with a lot more straight talk.
UTLEY: Is it possible that hype and spin could be history? Perhaps, as long as Americans are taking a hard look at how they balance work and family and whatever else is important in their lives.
JOHNSON: Do you want time or money? Would you rather work a little bit harder, earn a bit more, or go home and see your kids play soccer.
[2] Online Shopping Boost Expected
BECKY ANDERSON, CNN Anchor: Shares in online retailer Amazon.com soared nearly 35% on Monday, amid signs that its holiday sales will be better than expected. As many shoppers stay away from malls after the September 11th attacks, E-tailers could see more people buying online. Sonia Sequara has this report.
SONIA SEQUARA, CNN Correspondent: Christmas is coming, the time of the year when every retailer is hoping for some seasonal cheer. For those online retailers that survived the dot-com downturn, this could mark the turnaround the sector has been hoping for. Economic uncertainty following the September 11th attacks has meant many have opted not to travel over the Christmas period and don’t have the same drive to hit the high street.
RICHARD HYMAN, Verdict: People are going to find the idea of being able to shop from home rather more attractive. I think traveling less doesn’t just mean going abroad rather less, I think that there is a certain degree of nervousness about going to places that are going to attract a lot of people in the wake of September the 11th.
SEQUARA: Forester Research estimates that European online retail spending over the holiday season will grow 160% on the same time last year, pouring 3.6 billion dollars into purchases. But it warns that for E-tailers to benefit in the long term, it’s crucial they convince customers they can deliver quality products on time.
[UNIDENTIFIED MAN] This Christmas, I’ve already ordered some stuff, some books and videos. Um, they’ve already arrived on time. Everything I’ve ordered has been fine, so yeah, it’s very well.
[UNIDENTIFIED WOMAN] I don’t actually trust that. I’d much rather be on the phone speaking to someone.
SEQUARA: Despite the online shopping uptick, concerns over the slowing economy means consumers won’t spend as much, and it’s worth remembering that most online retailers are still struggling to make ends meet. Sonia Sequara, CNN, London.
GARRICK UTLEY, CNN Correspondent: There we are ? consumers ? 285 million engines of the economy, each with a mouth to feed, a wish to fulfill, a need to satisfy. The fate of the 10 trillion dollar American economy, we are told, is in our hands and credit lines. So, what are we going to do about it this holiday season? We know the state of the economy, we know the state of mind since 11 September, and we know that consumers are rethinking their priorities about what they really want in life.
And so at advertising agencies where the eternal cat and mouse game is played out between those who make things and those who buy them, they are being very careful.
CARL JOHNSON, TBWA Advertising: Don’t fake it, don’t over-claim, don’t trivialize. Where does this product, this brand fit in people’s lives. Come on, it’s only a beer.
[ADVERTISEMENT] Where you can leave reality behind.
UTLEY: When it comes to getting your dollars perhaps Las Vegas can sell itself as an escape from reality, but what’s in store for those of us back in the real world?
J.
WALKER SMITH, Yankelovich Partners: I think the age of, ah, extreme hype is over, ah, I think consumers are going to be looking for things that are a little more understated and with a lot more straight talk.
UTLEY: Is it possible that hype and spin could be history? Perhaps, as long as Americans are taking a hard look at how they balance work and family and whatever else is important in their lives.
JOHNSON: Do you want time or money? Would you rather work a little bit harder, earn a bit more, or go home and see your kids play soccer.
[2] Online Shopping Boost Expected
BECKY ANDERSON, CNN Anchor: Shares in online retailer Amazon.com soared nearly 35% on Monday, amid signs that its holiday sales will be better than expected. As many shoppers stay away from malls after the September 11th attacks, E-tailers could see more people buying online. Sonia Sequara has this report.
SONIA SEQUARA, CNN Correspondent: Christmas is coming, the time of the year when every retailer is hoping for some seasonal cheer. For those online retailers that survived the dot-com downturn, this could mark the turnaround the sector has been hoping for. Economic uncertainty following the September 11th attacks has meant many have opted not to travel over the Christmas period and don’t have the same drive to hit the high street.
RICHARD HYMAN, Verdict: People are going to find the idea of being able to shop from home rather more attractive. I think traveling less doesn’t just mean going abroad rather less, I think that there is a certain degree of nervousness about going to places that are going to attract a lot of people in the wake of September the 11th.
SEQUARA: Forester Research estimates that European online retail spending over the holiday season will grow 160% on the same time last year, pouring 3.6 billion dollars into purchases. But it warns that for E-tailers to benefit in the long term, it’s crucial they convince customers they can deliver quality products on time.
[UNIDENTIFIED MAN] This Christmas, I’ve already ordered some stuff, some books and videos. Um, they’ve already arrived on time. Everything I’ve ordered has been fine, so yeah, it’s very well.
[UNIDENTIFIED WOMAN] I don’t actually trust that. I’d much rather be on the phone speaking to someone.
SEQUARA: Despite the online shopping uptick, concerns over the slowing economy means consumers won’t spend as much, and it’s worth remembering that most online retailers are still struggling to make ends meet. Sonia Sequara, CNN, London.
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