A Profitable Company and Stronger Economy

Consumerism Reversal; Keys to A Profitable Company and Stronger Economy

bigbuzz August 28th, 2009

Survey: Women More Pessimistic Than Men on the Economy

Does that surprise anyone?

According to the survey results, 55% of women expect to spend less in the next 60 days, vs. 37% of men. And 41% of women expect to spend less on household essentials in that time period, up from 34% in April.

The recent survey by Performics I believe states something we all recognize. As marketers we often want to spend money on surveys to justify our positions to clients or make our point more prominent when all we have to do is look at out own household and that of our friends. It’s the same way many of us go about marketing our clients products, telling the public that they need more-bigger-better when in actuality we, as consumers, as a nation, need less.

That will surely piss a few people off, perhaps some of my clients, but it’s true. The consumer economy we have experienced has brought us to a point of drastically needed change. We won’t become the industrial giant that built the country but the consumer economy has run it’s course and the times they are a changing. Marketers and clients alike must realize this and adapt now or die.

What are we looking at here? As I see it we have begun a consumerism reversal. People are less secure in their jobs and are cutting back. They drive less, are more interested in fuel efficient vehicles, are spending more economically in their food choices, clothing travel and accessories. Businesses who realize this and start providing goods and services that help people save will prosper. Those who continue to offer Keep Up With The Jones products will find themselves wondering what happened (the exception is ultra lavish targeted to the ultra wealthy. We’ll address that another day).

The marketers who speak to consumers in a truthful manor presenting a valuable product, will find themselves inundated with client request.

The fog is lifting and consumers are now recognizing the difference between a want and need. And even though wants will exist they have changed.

Consumer confidence will change. It is changing but it’s leading us down a new path…an old path, one we’ve seen recycled over and over in history. Be aware of that direction and lead the way. This will not only produce a profitable company but a stronger economy.