When there is a downturn in the economy, well-off consumers and live-for-today consumers join other new segments of consumers to have low brand loyalty and to settle for low-cost products.

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During an economic downturn, while some consumers may indeed shift towards low-cost products, well-off consumers often maintain their purchasing habits due to their financial stability. Live-for-today consumers might prioritize experiences or products that offer immediate satisfaction, but this doesn't necessarily mean they will have low brand loyalty or exclusively settle for low-cost products. Consumer behavior can vary widely based on individual values, financial stability, and personal priorities.

When There Is a Downturn in the Economy, Well-Off Consumers