Consumer behaviour is changing. Look at the results from today's survey - 49 per cent have been spending less on new household appliances in the past 12 months and 54 per cent think they will borrow less in the coming year.

In these testing times, business needs to adjust to changes in consumer behaviour - but any adjustments need to be thought through carefully and not just kneejerk reactions. Take a company's support for the local communities in which it operates: logic suggests that these activities should be an early casualty. You might be able to make a case for strategic corporate responsibility efforts which address core business issues, but the fluffier stuff that companies do around the sides? Surely a cost saving waiting to happen?

This assumption is worthy of deeper interrogation. There is the obvious fact that companies that continue with such activities rather than cutting them at the first hurdle make it clear that they believe in them.

Yet it is much more than that: it is when times are tough that local communities are most in need of the assistance, so a bit of corporate investment can make a substantive difference.

The investment will have a far greater impact than it would in times of prosperity. What previously might have been a nice-to-have suddenly becomes a lifeline. What previously might have gone unnoticed suddenly becomes enormously valued and appreciated. All this helps to build consumer trust on a deep and, therefore, lasting level.

Just look at Microsoft's Unlimited Potential programme, helping people to access affordable technology, or British Gas's Here to Help programme - an integrated approach with local authorities and charities to help vulnerable customers.

Put simply, the company will get more bang for its buck - particularly if its action stands in stark contrast to that of its competitors.

In a recession, compassion counts.

Giles Gibbons is the managing director of Good Business www.goodbusiness.co.uk

Explore Economics

• Pre-Budget Report 2009

• Budget 2009

• World Economic Forum

• The Times MPC

Times Recommends

• Lies and cover-up at MG Rover exposed by report
• High oil prices push manufacturing costs up
• Primark founder steps down as chief executive