The Great Recession of 2008-2009 is unlike any since the Great Depression. The majority of consumers have been impacted, not only in America but in most Western nations and many other areas. In parts of the world where the recession is not so severe, consumers are still adopting a recession mindset that affects their spending behaviors.
Research shows that this recession, even after a recovery, will have long-term effects on consumers’ values, spending habits and lifestyle choices. So how can location-based businesses such as shopping centers, retail, and out-of-home entertainment and leisure destinations adapt to this new grounded consumer to prosper in the future?