The basic lesson of Maslow’s Hierarchy of Needs is that we must first satisfy basic needs before we progress up the ladder

(a starving man is not interested in status symbols, friendship, or self-fulfillment).

This implies that consumers value different product attributes depending on what is currently available to them. In today’s economic environment, the hierarchy helps to explain why many consumers take a closer look at the price and reliability of a product rather than whether it will impress their friends.

How do you believe the recession changed the way consumers evaluate products? Do you agree that the priorities many now place on “value-priced” brands is the “new normal,” or will our attitudes change now that the economy has improved?

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