John Quelch, Professor, Harvard Business School, says

"Instead of cutting the market research budget, you (marketers) need to know more than ever how consumers are redefining value and responding to the recession.

Price elasticity curves are changing. Consumers take more time searching for durable goods and negotiate harder at the point of sale.
They are more willing to postpone purchases, trade down, or buy less. Must-have features of yesterday are today's can-live-withouts.
Trusted brands are especially valued and they can still launch new products successfully."