Recession Period at New York-based Deloitte Discussion

December 3, 2022

Recession Period at New York-based Deloitte Discussion

Order Number	636738393092
Type of Project	ESSAY
Writer Level	PHD VERIFIED
Format	APA
Academic Sources	10
Page Count	3-12 PAGES

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Recession Period at New York-based Deloitte Discussion

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Recession, Period, New, York-based, Deloitte, Discussion

“Previous recessions left a bruise where people made short-term sacrifices … but [then] returned to old habits” when the economy rebounded, according to Pat Conroy, vice chairman and US products leader at New York-based Deloitte. The past recession, however, ‘really left a scar.’ Consumers reported “tremendous feelings of guilt and remorse about how they used to shop … They told us they felt guilty because they were wasteful.”

This quote shows that buying behavior among consumers is a form of culture, where in the US, citizens are accustomed to the high-end buying and do not make consideration of whether they will utilize all the features in a product before buying. Their logic and decision-making framework for engaging in buying is based on the availability of many features on a product and the high cost of the product.

This is evident throughout the article and is reiterated in this quote when the author indicates that previous recessions have seen many buyers reduce spending in the short term before resuming high-end buying after the recession subsides. This trend was, however, not witnessed in the 2008-2009 recession period since most shoppers abandoned their high-end shopping habits in favor of the low-cost buying, citing a realization of remorse and guilt for their wasteful shopping habits.

Although a recession period is a worse encounter for any nation or economy, it is evident that the previous recession acted as a learning period for many consumers since they realized that economic wellbeing is a continuous phenomenon and required preparation and active engagement in habits that truly promoted the wellbeing. The last recession brought with it many lessons to consumers, who after lacking what they thought was a norm – high-end buying, reverted to guilt and remorse as the only ways of easing their frustrations and suffering during the period.

The experience of the recession was thus intense and humbling and helped most US citizens to change their shopping habits. The adverse event in their life changed the cultural practices of US citizens pertaining to buying behavior, helping them to embrace better financial management practices. Most families started specializing in buying cheaper goods and forfeiting the less necessary goods altogether. This change in behavior in the population shows a change in cultural beliefs and practices pertaining to buying behavior.

The change in the buying habits of US citizens indicates that the 2008-2009 recession was the most devastating in history. This is considering that earlier recessions witnessed a trend where citizens could only make short-term sacrifices and revert to older habits. This trend in the change of cultural practices indicates that adverse events in the life of an individual have a greater probability of influencing permanent behavioral changes. This phenomenon is consistent with behavioral theories, which indicate that individuals learn from the stimuli in their environment and quickly adjust their behavior to ensure that they survive.

In consideration of economic theories, it is true that high-end buying behavior is wasteful and a poor strategy of financial management. As such, the population adopted a better strategy in financial management that would help them to improve their financial stability. This is a good strategy for preparing for any unprecedented future recessions. In consideration of Pat Conroy’s use of the word “scar,” it can be argued that scars are good since they remind an individual of the bad habit that caused the scar, giving long-lasting lessons to the bearer. In general, the recession had a major positive impact on the population – forming their financial management strategies.

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Recession Period at New York-based Deloitte Discussion

RUBRIC

Excellent Quality

95-100%

Introduction

45-41 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Literature Support

91-84 points

The context and relevance of the issue, as well as a clear description of the study aim, are presented. The history of searches is discussed.

Methodology

58-53 points

With titles for each slide as well as bulleted sections to group relevant information as required, the content is well-organized. Excellent use of typeface, color, images, effects, and so on to improve readability and presenting content. The minimum length criterion of 10 slides/pages is reached.

Average Score

50-85%

40-38 points

More depth/information is required for the context and importance, otherwise the study detail will be unclear. There is no search history information supplied.

83-76 points

There is a review of important theoretical literature, however there is limited integration of research into problem-related ideas. The review is just partly focused and arranged. There is research that both supports and opposes. A summary of the material given is provided. The conclusion may or may not include a biblical integration.

52-49 points

The content is somewhat ordered, but there is no discernible organization. The use of typeface, color, graphics, effects, and so on may sometimes distract from the presenting substance. It is possible that the length criteria will not be reached.

Poor Quality

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37-1 points

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75-1 points

There has been an examination of relevant theoretical literature, but still no research concerning problem-related concepts has been synthesized. The review is just somewhat focused and organized. The provided overview of content does not include any supporting or opposing research. The conclusion has no scriptural references.

48-1 points

There is no logical or apparent organizational structure. There is no discernible logical sequence. The use of typeface, color, graphics, effects, and so on often detracts from the presenting substance. It is possible that the length criteria will not be reached.