Today’s economy and the profound transformation occurring are perhaps the most widely discussed topics in the last decade. Consumer packaged goods executives at all levels at both manufacturers and retailers feel first hand the effects of rising food commodity prices, the consumer’s shrinking wallet, spiking energy costs and the other symptoms of today’s economic malaise.
Also clear are shoppers’ behavioral changes as a result of the ongoing economic transformation. Consumers are turning to private label, substituting hamburger for steak, opting for smaller portions and following other budget-stretching strategies discussed in multiple IRI Times & Trends Reports issued throughout 2008. Less obvious, however, is when the economy will level off and start to grow again, as well as the time necessary for consumers to regain their shattered confidence.
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