Fishburn Hedges

30.10.2008

At our seminar on 30 October, style writer Peter York and William Eccleshare, CEO of BBDO Europe, talked to our friends and colleagues about changing consumer attitudes and how brands and businesses should respond to these shifting sands.

What's next for style, advertising and consumer choice? from Fishburn Hedges on Vimeo.

Reassessment of values

This downturn will be indiscriminate. As events unravel, consumers will want things that are solid and, as many find their choices constrained by economic hardship, they will reassess their values.

Others will reassess their values, not because they are compelled to by changing personal circumstances, but because what’s going on around them makes them think more about it. Even those not acutely threatened will want to eat stew.

Permanent behaviour change

We can expect inconsistent behaviour. People will experiment more. For instance, many will turn to Aldi for their basics, go elsewhere for luxuries and, when the upturn comes, move on somewhere else altogether.

We may be seeing the “perfect storm” in which economic constraint coincides with social calls for better environmental awareness, healthy eating and the rejection of waste.

This could inspire a lasting change in consumer behaviour quite beyond the ebb and flow of the economic cycle. The 4x4 and the patio heater may never come back in from the cold.

A new Puritanism?

People respond to what they think the times are about and, at present, that is a more serious time. It is no coincidence that tie sales are on the up.

We could also be seeing the end of the “kidult”, the middle aged sporting sports gear and trainers, because they realise that it is no longer appropriate.

This stems from a media-inspired environment in which good cheer is seen to be out of tune with what’s happening in the world. This too shall pass.

Measured response from brands

People will continue to shop, despite the gloom. Brands and retailers should interpret and reflect the prevailing conditions, and remain true to their core values. Those are what customers will come back to.

Sainsbury’s “feed a family for a fiver” remains true to its values, in recognising what its customers are about, as well as reflecting the moment.

Humour will remain appropriate, for the right category and relevant brands.

Celebrity and conspicuous consumption

The cult of celebrity and the days of conspicuous consumption will fade. We will reject the global elite as our reference points to compare our own situations.

We will rediscover the vocabulary of associating with the prospects and plight of other people. Luxury brands will find it difficult to sell the aspiration of living like rock stars.

A time for creativity

History shows us that great creativity thrives in recession. We could be in for rich cultural rewards in theatre, cinema and pop music.

“Brother can you spare a dime” was written in 1931, at the depth of the Great Depression.

British style genius is all retro, stemming back to the boom-to-bust 1970s when all we had over young Americans was that we didn’t have any money. They did. The pressure was good for us, and it could be good again.

In the recession of the early 1980s The Jam reminded us: “a whole street’s belief in Sunday’s roast beef, gets dashed against the co-op, to either cut down on beer or the kids’ new gear. It’s a big decision in a town called malice”.

Predictions are dangerous

It is still only a matter of weeks since soaring petrol prices (over £1.20 a litre) were the main focus of media concern. Now, with petrol back in the 90p bracket, it barely gets a mention.

Only one thing’s for certain: whatever’s happening in a year’s time it will be something that neither the doves nor the doom mongers have predicted yet.