BMW Black Friday
All the drama happening in the world economy has thrown a lot of discussion about what will happen. Some of the dialogue was confusing. Politicians and the media have certainly not made easier with their fear-mongering, spin or just a general lack of understanding of economic fundamentals.
I am here to give you an understanding of what happened and how all these massive changes will affect consumer spending - you know people who shop in your stores.
Levels of debt is out of hand in the USA - Let's Not too busy in this sub prime thing. Deep in debt is debt, and Americans have a lot of it. And do not give up your fingers to our American friends, the average OECD personal debt 79.5%. Essentially When you borrow money, can not make the repayments and the house is worth less what you paid for it, you're in a little trouble. Top with a little debt credit card, and you get the picture.
The World is powered by American consumerism - Over 60% of U.S. GDP is driven by consumer spending. No matter what politicians promise to fix there, it will take some time for the world economy turning. I'll explain things as I ran away.
We certainly can not count on the United States for all - If discontinuation of U.S. spending, poor old country like China, India, and their Central and South American counterparts stop producing. No use in manufacturing goods if nobody buys it. China growth slows and India has a problem with inflation (and some have reported job losses). We need hope and pray that they can be engines of growth in the global economy, while the original credentials themselves look.
Yeah But What About those countries with raw materials? Surely They've Got Money - When people stop spending money, factories cease produce items, which means they do not need commodities to produce products (or ship fuel for theirs). Markets know, so they dump the currencies of countries that produce commodities. At their currency declines, the price of imports (consumer goods) rises. The both cheap plasma TV, is not so cheap now.
The world was scared (especially in Europe) - The number one selling car in the UK is BMW 3 Series (it alternates with the Ford Mondeo in the first place), so you know they thought times were good. But when a small island called Iceland has experienced companies who buy English Premier League football teams League you know something is not quite right.
So when Americans are least, Europe has cold feet, and all suddenly the European markets crashed. Banks, like all listed companies, shareholders need money as capital for their business. When this capital is pulled out from under their feet, all of this debt that the banks had all along is being exposed. Thus, banks had need money government (new capital) to keep them running.
Why bail out banks - Because when people feel much they spend. When they feel afraid that they stop spending. For economies to flourish they need people to spend money. It's a vicious circle. Thus, governments bailed out banks so that people feel safe, so they can spend their money.
So what does it take from all this. My advice - do not panic. You'll only do something stupid.
People still buy things. It is estimated that 86% of purchases are emotional, so I do not think that spending will go cold turkey. The people who are tightening their spending, have no money to spend to begin with. It is just that when times were good, they are blinded and spent like crazy.
But here are some things you can do;
- Raising prices on single items, as you protect against inflation gnaws at margins
- Focus on converting people who come through the doors into customers. There will be fewer people shopping, you need to maximize all opportunities
- Focus on building loyalty. It is shown that loyal customers spend more than men the street and come into your store (s) times a year
- Tighten up the product line to focus on key categories. Links overstocking funds, and lack of liquidity farm businesses.
About Shaun Mooney
'Rogue Retailer' Shaun Mooney, provides easy to understand strategies which has helped countless retailers overcome their issues with cash flow, lack of sales and terrible profits.
Shaun is the co-author of 'The Pillars of Business Success' and 'Marketing Success'.
The Australian Financial Review has described Shaun as a 'Marketing Maestro'.
If you want to learn more, get your FREE copy of 'Secrets to Instant Retail Profits' (valued at $29.95). To receive your copy go to [http://www.fastretailprofits.com/free_report.html]
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