Answer the Questions -- 2

Q1. The view is widely held that consumer behaviour changes during a recession. According to the Office of National Statistics (ONS), ‘households with annual incomes of £62,000 or above would reduce their annual spend by around £3000 in an economic recession’. Using examples, identify and examine the ways in which consumers in the UK have changed their behaviour in terms of household spending. How are some companies responding to this change in behaviour?.