Consumers Permanently Downgrading Brands They Buy

A new McKinsey report says that a large number of consumers who are switching to cheaper brands during the recession are switching for good. Of those surveyed, 34% said they no longer preferred the costlier products. 41% said that although the liked the better stuff, it wasn’t worth it anymore. Have you downgraded during the recession? Is the switch for good? Leave your thoughts in the comments.

How the recession has changed US consumer behavior [McKinsey Quarterly] (Thanks to c-side!)