A typology of consumers based on money attitudes after major recession

HAMPSON, Daniel, GRIMES, Anthony, BANISTER, Emma and MCGOLDRICK, Peter (2018). A typology of consumers based on money attitudes after major recession. Journal of Business Research, 91, 159-168.

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Link to published version:: https://doi.org/10.1016/j.jbusres.2018.06.011

Abstract

Since the Great Recession, not all US consumers have felt the financial benefits of the sustained period of macroeconomic expansion. While some research demonstrates renewed consumer confidence and financial security among households, other studies highlight economic vulnerability and higher levels of distress relative to before the 2007/09 crisis. This study examines empirically the heterogeneity of consumers’ money attitudes in the post-recession economy. Based on a nationally representative sample of US consumers (n=1202), we identify four post-recession consumer types, distinguished by important attitudinal and behavioral differences: “Flourishing Frugal”; “Comfortable Cautious”; “Financial Middle”; and, “Financially Distressed”. While the prior studies offer broad strategic advice, this study indicates that marketers need differentiated strategies to target most effectively and deliver value to different consumer clusters.

Item Type: Article
Research Institute, Centre or Group - Does NOT include content added after October 2018: Sheffield Business School Research Institute > Marketing and Strategy
Identification Number: https://doi.org/10.1016/j.jbusres.2018.06.011
Depositing User: Anthony Grimes
Date Deposited: 08 Aug 2018 10:53
Last Modified: 16 Nov 2018 14:12
URI: http://shura.shu.ac.uk/id/eprint/22165

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