Hustle

The Impact of the Recession

Before spending money, female shoppers now think negatively as a matter of reflex. The impact of the 2008 recession on the financial rhythms of their households changed their previous consumer axioms. As fiscal situations beyond their control suddenly steamrollered, American women lost faith in their ability to manage their budgets day-to-day. The typical US female shopper suddenly has to deal with drastically smaller wages. She no longer believes in the people closest to her or the institutions that are supposed to protect her. To experience brand loyalty once again, she requires commitment from any “companies, products, services, brands and even people she is willing to engage.”

A study involving interviews with 1,000 American women from a range of social, racial and economic demographics found that the recession’s “severity and duration” was a surprise to 70% of the respondents. They described themselves as too busy or too distracted to see what was happening in the economy. Asian women were more surprised than whites, blacks and Hispanics.

In 2006, the US was “flush.” Using readily available mortgages and other home-financing instruments...