How are you handling our current financial situation?
I came across this interesting offering from the Center for Media Research that I found to be very interesting so I thought that I would share it with everyone. CMR recently released the findings of a study entitled “Reacting to Recession,” which was done by the London based M& C Saatchi. The study looks at the different attitudes and behaviors of differing groups of consumers in light of the current financial situation. The study found there to be eight distinct types of individuals, each with their own approach to spending money. Which one of these categories do you fit in?
Crash Dieters (26%) identify and cut out all non-essential spending until things improve. They live from week to week, and when the money runs out, they’re forced to take drastic action.
Scrimpers (13%) down-trade rather than cut out. They are more likely to substitute brands with private labels rather than dropping them altogether.
Abstainers (15%) want to maintain their lifestyle and postpone big purchases until the situation improves.
Balancers (9%) rob Peter to pay Paul. They prefer sacrifice to compromise.
Treaters (12%) don’t find it easy to cut back, but know they have to. So they reward their frugalness with regular small treats.
Justifiers (12%) are happy to give, but in the current climate they want to be sure their money is well-used. They’re looking for value deals.
Ostriches (9%) feel unaffected or in denial and are spending normally.
Vultures (4%) are looking to profit from others’ misfortune.
These types can have an impact on not only how we as individuals live but also how the church operates financially. In the current financial climate it would be good to consider these attitudes when planning changes in programming, outreach, capital campaigns, or plans where increases in financial support would be called for.