It s hard to ignore signs of improvement in the economy, however tentative. Consumer confidence has rebounded, stocks have moved off their lows, and even the battered financial industry is regaining some of its old swagger. But not everything will return to normal. The economic crisis has already led to significant shifts in both consumer and corporate behavior that will create headaches for many firms but opportunities for a handful of others.

Whether you re a CEO or a consumer, experts say that even as the economy recovers, a new kind of thriftiness will rule the day. The national savings rate has already risen to 5.7 percent from zero a year ago; economists expect it to hit nearly 8 percent in the next few years closer to the historical average since 1929. That savings could be in cash, stocks or bonds, but ultimately, it means homeowners are staying put for longer, cars are driven another year or two, shoppers are hunting for values, and staycations are on the rise, says Ravi Dhar, director of Yale s Center for Consumer Insights. Even the affluent (generally defined by academics as those making more than $150,000 and with plenty of home equity) are on austerity budgets, says Michael Silverstein, a consumer expert and senior partner at the Boston Consulting Group. Corporate America is in the same boat: Firms, startled by the swiftness and depth of the recession, have hunkered down, with even the strongest conserving cash and looking for ways to cut costs and improve productivity.

The trend isn t to cut spending entirely but to become shrewder and that s likely to continue, says Ed Kerschner, chief investment strategist for Citigroup s global wealth management group. Such tactics among consumers have already helped discount-designer retailers TJX and Ross Stores. As for where Americans are stashing their savings, the mutual fund industry has started to see assets grow after a huge exodus last fall. Battered stocks of fund firms have attracted veteran value investors like Royce Funds President Chuck Royce, who thinks asset managers are the sweet spot in financials.

Companies are also spending more discerningly. Forrester Research expects technology spending this year to slip 5 percent, though analyst Andrew Bartels says firms are still interested in technologies that will make them efficient, cut costs and deliver results quickly.

Of course, some argue that Americans (both corporate and consumer) will revert to their profligate ways once the economy starts growing and job losses abate. But it s going to be hard to feed the consumption cravings, since credit is going to be a lot tougher to come by as banks become more selective and homes can t be tapped as easily for cash, says Michael Shinnick, manager of the Wasatch-1st Source Long/Short fund. Companies catering to the postcrisis changes and new value approach should offer opportunity for some time, Shinnick adds.

Our Picks

As consumers and companies begin spending again, they re going to be much more careful. These firms could benefit.

MARKET VALUE: $2.6 billion
2010 EPS ESTIMATE: $2.85
2010 PRICE/EARNINGS: 14

The lawn-and-gardening company s profits are blossoming as people stay home and tend to their greenery. Earnings are expected to rise 16 percent this year and 18 percent next and should get a boost as Scotts gains customers from a rival that went out of business, says Sam Yake, an analyst at research firm BGB Securities.

MARKET VALUE: $10.4 billion
2010 EPS ESTIMATE: $1.81
2010 PRICE/EARNINGS: 24

T. Rowe is one of the few firms boasting an excellent research culture that has produced strong returns for its funds and has a knack for new products, says Ariel Focus fund comanager Charlie Bobrinskoy.

MARKET VALUE: $13.8 billion
2010 EPS ESTIMATE: $1.60
2010 PRICE/EARNINGS: 11

Firms are turning to new options like cloud computing (computer services over the Web) to reduce software expenses. As these technologies gain traction, companies like Symantec, which sells security software and ways to store data more efficiently, should benefit.

MARKET VALUE: $5.6 billion
2010 EPS ESTIMATE: $2.53
2010 PRICE/EARNINGS: 14

Driving a clunker is losing its stigma, with a study from auto researcher R.L. Polk & Co. finding that 70 percent of consumers would likely consider a used car for their next vehicle purchase. People driving older cars is good news for auto parts distributor Genuine Parts, which also benefits as independent repair shops which typically use its parts take share from struggling car dealers, says Ron Bloom, manager of the AIM Mid-Cap Core Equity fund. Bonus: It generates loads of cash.

MARKET VALUE: $12.2 billion
2010 EPS ESTIMATE: $1.99
2010 PRICE/EARNINGS: 15

The conventional wisdom is that women won t give up their lipstick even in the worst of economic times. But chances are shoppers may think twice about paying $30 at the department store and opt instead to buy cosmetics from their neighbor or colleague good news for Avon, says Wasatch fund manager Michael Shinnick.

MARKET VALUE: $108.9 billion
2010 EPS ESTIMATE: $1.70
2010 PRICE/EARNINGS: 14

Businesses are looking for ways to cut costs and get an edge for example by doing a better job mining customer databases. That is leading many companies toward technology firms like Oracle, says Jensen Fund co-manager Bob Millen. The company is increasingly striving to offer one product in a box that fulfills an array of tech services, and it s bid for Sun is the latest attempt to further that strategy, Millen adds.

MARKET VALUE: $8.5 billion
2010 EPS ESTIMATE: $1.74
2010 PRICE/EARNINGS: 18

Outsourcing has become rather commonplace but in the downturn even more companies are looking to farm out work to cut costs and Cognizant benefits from that. The company s stock had been hit hard in this downturn in part because it gets about half its sales from financial firms but Cognizant Chief Financial Officer Gordon recently told analysts he didn t expect further downturns in that business from first-quarter levels. But demand from other sectors has helped offset that decline somewhat, helping the stock recover. But Jensen s Millen still thinks it is attractive.