George Bush was hurt by this in 1992 as well where it clearly became evident he was an elitist and couldn't connect with average people on their economic struggles.
Mitt Romney and George H. W. Bush should take a history lesson from Franklin D. Roosevelt on how and why he was able to connect with the masses but they couldn't.
George W. was actually pretty good at connecting. He was bad on TV (but good in the debates at looking more relatable than the other guy)/(also good at looking more relatable than the media). He was best out on the stump (better than Obama) you really wanted to have a beer with him, even if it was non-alcoholic. So, they could learn from W. as well. Reagan had crazy skill, but he was a professional radio man, actor, pitch man, and campaign spokesman before he got into politics.