Marks, recession and consumption

Brands, like other victims of the recession, are also experiencing difficulties: Distributor brands have gained market share, consumers are reducing spending, retailers are pushing more. According to a panel of speakers gathered to discuss branding strategies in a recent Wharton Marketing Conference entitled "Connecting with the consumer trend, marketers should be concerned to innovate against the changes taking place in the economy and take advantage of it. As one speaker said: "I think we are now realizing that no product is immune from the recession."
What are the effects of economic slowdown on consumer behavior? The most obvious of these is that people are less willing to open your wallet. According to Janelle James, vice president of global marketing, advertising agency Leo Burnett Worldwide, recent research shows that between 80% and 90% of people are willing to replace products or buy products cheaper. He added Chris Kuennen, CEO of Rosetta independent interactive agency, perhaps the behavior of many of these consumers do not accompany the economic recovery. Kuennen compares the effect to "a one-way membrane (allowing the entrance of something but not exiting). In other words, not all will return to having a job when the recession ends and become less sensitive to price things."