The credit crunch is looking like it's spreading beyond risky loans, and may be larger than originally thought. This could cause a definite change in consumer psychology in the near future.
Some are already saying that Wal-Mart may make gains in middle-class shoppers as price concerns weigh on them even more.
For online marketers, one thing to consider is if those consumers we serve now, may possibly change in the overall demographic we serve. The growing concerns about overall economic health is causing people to tighten up their spending.
What that means is we may be having people from a different economic strata starting to think in terms of buying from us.
If that's the case, and there's a good chance it's already moving that way, we may need to look at the immediate people above the current financial demographic we serve, and do some homework on them. How we serve them may have to be done differently than the current market we serve.
All this is saying is people may be dropping down a notch in their spending habits, and as a result, if you serve an existing customer with lower income, you may be having those with more spending power dropping into your demographic. That means your demographic could be changing at this time, without you being aware of it.
If people that usually don't shop at Wal-Mart are starting to think in those terms, you can be sure it's going to happen across the board.
While I wouldn't think in terms of drastic changes, I would possibly think in terms of adding some higher end products or services that are still lower in price than existing competitors in that space. If you do find that to be true, you may have to think in terms of better product descriptions and higher quality photos, as those searching for those types of items demand it.
With the housing problems alone being predicted to last through the end of 2008, and other problems emerging looking like they may last awhile, this isn't going to be some quick fix for you, but a longer term reality that you could cash in on. Definitely look at how this may impact what you're selling and the demographic you serve.
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