• by Steve McClellan  @mp_mcclellan, August 18, 2011

Technically the recession has been over for two years, but a new survey of business managers from consultant Bain & Co. indicates that there is still considerable concern worldwide about the near-term economic outlook and its impact on consumers.

Bain polled 1,230 executives, representing a broad cross-section of industries and countries around the world. And 60% of those representing major firms (more than $2 billion in annual revenues) believe that consumer spending patterns won't bounce back to pre-recession levels for at least another three years.

By contrast, a similar poll conducted at the height of the recession two years ago revealed that 75% of executives worried about consumer spending three years out -- suggesting there is still a lot of pessimism in the marketplace about near-term growth.

That said, almost two-thirds of the respondents said growth is a key priority and that they are planning to put greater focus on growing revenues over the next three years. And almost half of the executives see growth coming from foreign markets, as they believe international revenue growth will outpace domestic revenue growth between now and 2015.

Bain said that the corporate focus on growth was "reflected throughout our survey findings." For example, "despite the sting of the downturn, 80% of the executives still believe innovation is more important than cost reduction for long-term success."

Also, 68% of respondents said that taking care of customers and employees should come before shareholders. One way to interpret this finding, Bain stated, is that "executives realize that growth depends on having happy, productive employees and satisfied customers. Shareholder returns will be the natural byproduct."

The pursuit of growth is also leading companies to try new tools like social media programs. As more and more companies climb aboard the social media bandwagon, others feel pressure to try the medium as a way to potentially strengthen bonds and grow loyalty with employees, customers and partners. While only 29% of all respondents say they used social media in 2010, usage is expected to surge to 56% in 2011, the survey indicated.

And despite the near-term worries about consumer behavior, two-thirds of the executives polled said they believed their companies are emerging from the recession in a stronger competitive position.