A typology of consumers based on money attitudes after major recession

Daniel P. Hampson*, Anthony Grimes, Emma Banister, Peter J. McGoldrick

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

21 Citations (Scopus)

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.

Original languageEnglish
Pages (from-to)159-168
Number of pages10
JournalJournal of Business Research
Volume91
DOIs
Publication statusPublished - Oct 2018
Externally publishedYes

Keywords

  • Cluster-based segmentation
  • Consumer confidence
  • Economic recovery
  • Frugality
  • Perceived financial security
  • Recession

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