Protect
Spend that survives pressure because it carries high utility or meaning
How
The recurring actions behind demand: protecting, postponing, substituting, upgrading, experimenting, and switching.
Spend that survives pressure because it carries high utility or meaning
Demand delayed by uncertainty, timing, cash flow, or access
A different product, channel, quantity, or workaround becomes good enough
More paid for quality, convenience, trust, identity, or experience
Trial triggered by novelty, recommendation, promotion, or a new occasion
A meaningful reallocation after comparison or dissatisfaction