Teen unemployment is up (26%). Teen spending is down. Household net worth is down – by 20% , the lowest since post-WWII – and 40% of jobless adults believe that they are beginning to see behavior change among their children because of their situation. With drastic cuts in education impacting arts, sports and culture and the stimulus money draining from the 1 billion set aside specifically for youth employment, the near future for teens is not looking bright. Is there a silver lining – anywhere?
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Six months into 2009 and it looks like it’s going to remain economically gloomy for at least the next six. But we’re encouraged that many brands are still motivated towards progressing their sustainable marketing strategies. Read more…
It’s easy to believe that in times of economic crisis, brand owners should cut marketing and innovation investment. The evidence suggests this is the wrong thing to do. As AG Laffley, CEO of P&G, sees it: “We have a philosophy and a strategy. When times are tough, you build share.”
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Recession-obsessed brands who lose their sustainable focus may well find themselves left out in the cold when the global economy starts recovering. There is no doubt that every penny counts for today’s consumers who are looking to get the best “value” possible as they come to terms with their options – consume less, demand more for less or make new and different choices altogether. From research we conducted, we know that a brand’s responsible behaviour is increasingly seen as a driver of value. Indeed, sustainable issues can act as a benefit, but also by their absence, can constitute a detractor from value.
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Steven Mawby and Eden Lanser look at changing shopper habits in South Africa and what it means for retailers.
Cash strapped consumers affected by the economic downturn are changing their shopping behaviour. This according to Stephen Mawby, MD of Glendinning Management Consultants who says that retailers will need to respond to changing consumer needs as the economic climate forces shoppers to be more considered in their buying habits.
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Lo que se debe hacer y lo que no en marketing en momentos de recesión.
Hoy en día nos encontramos en momentos desafiantes y no hay escapatoria. Quien trabaja en el mundo de las marcas sabe que en momentos de recesión hay que adoptar medidas: los presupuestos de marketing son los primeros en recibir el impacto. Por lo tanto, si os encontráis presionados, ¿cuáles serían las decisiones difíciles que deberíais tomar para conseguir que vuestras marcas funcionaran de forma inteligente?
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The economic crisis has not only changed how people are feeling these days, it has changed how they are processing information too. That is, the lens through which people are viewing brand communications has shifted. As we have discovered, the way people are responding to advertising has changed – which has profound implications for marketers interested in creating a lasting emotional connection with consumers.
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The question of whether to provide a sustainable option is becoming no longer a choice for businesses and brands. Consumers expect it and their purchasing behaviours are shifting as a result. Mindsets which were once the preserve of the ‘green progressives’ are quickly being adopted by the mainstream consumer; for example – the pressure to recycle has driven 63% of consumers to put wasteful packaging at the top of their list of sustainable issues that would impact on their purchase decision (Added Value ‘Branding For Good’ Research November 2007).
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The ‘do’s and ‘don’t’s of marketing in a recession.
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As far as months go, October has been anything but status quo. Just read the headlines from the past few weeks — government bailout plans, political debates, erratic stock performance, presidential campaign speeches, proposed legislation, recession predictions. The list goes on. It’s no wonder there’s widespread fear and uncertainty mounting among the American public. Never in our lifetime have we faced such extreme change. As overwhelming as it can be, it’s important to remind ourselves that change is good. Times of transition force consumers to re-evaluate how they consume, providing challenges and opportunities. So don’t panic — there’s hope in the chaos. You just need to know where to look.
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