Interesting learning regarding consumers in this economy

Our company conducted focus groups for a luxury manufacturer recently. We wanted to understand the effect that the economy has played in their customers' buying habits.

These were consumers that were used to spending hundreds of thousands of dollars on a product. We wondered, would they now buy a smaller product, a more cost efficient product?

The answer surprised me.

They all told us that the next time they bought that product, they wanted a bigger one, a more powerful one. No compromises.

A lesson for all of us. Yes the new economy stinks. Yes, there are people out of work. BUT, that has no bearing on the buying habits or expectations of the people we talked to. They want a great product. They expect tremendous service. And of course, they now expect a real good price.

This is not the time to compromise. The people that are buying (even though there are less of them) still expect a great product. Don't underestimate them.