Ed Cotton has a good point. Planners around the world are likely crafting some inane deck about the "de-leveraging consumer" as you read these words. I also think he's right that brands will still play a role in people's lives as consumer's look to resolve their debt to earnings ratios.
Regardless of how much debt people are willing to take on, they still need to function, and functioning within our culture means incorporating brands into your lifestyle. Brands are at the heart of the performance fo everyay life. They are the meaning in what we do on a daily basis. In brushing our teeth, walking to work, drinking a cup of coffee brands are there. The brands that will continue to hold the most meaning in these moments and retain access to our wallets are those which offer the perception of an experience that is greater than the financial toll to acquire it.
In other words, nothing has truly changed.
Last week as the nation's banking system was crumbling, the NY Times reported on the scene of a Hermes sample sale. The line was out the door, despite the fact that sale in Hermes parlance means "that's a helluva lot of money for patterned silk." Many on that sample sale line were even potential victims of the downtown: financial workers.
If a brand that has built its reputation on over-priced ties, scarves and bags can still stand rigid and upright against the winds of panic, then clearly people are still swayed by brands in this time of financial crisis. Even when the market is down, people relish the experience walking down the street with the branded object more than they lament about their credit debt. It is still far better to look good than to feel good about your bank account, even in an age of deleveraging.
Influx Insights
Regardless of how much debt people are willing to take on, they still need to function, and functioning within our culture means incorporating brands into your lifestyle. Brands are at the heart of the performance fo everyay life. They are the meaning in what we do on a daily basis. In brushing our teeth, walking to work, drinking a cup of coffee brands are there. The brands that will continue to hold the most meaning in these moments and retain access to our wallets are those which offer the perception of an experience that is greater than the financial toll to acquire it.
In other words, nothing has truly changed.
Last week as the nation's banking system was crumbling, the NY Times reported on the scene of a Hermes sample sale. The line was out the door, despite the fact that sale in Hermes parlance means "that's a helluva lot of money for patterned silk." Many on that sample sale line were even potential victims of the downtown: financial workers.
If a brand that has built its reputation on over-priced ties, scarves and bags can still stand rigid and upright against the winds of panic, then clearly people are still swayed by brands in this time of financial crisis. Even when the market is down, people relish the experience walking down the street with the branded object more than they lament about their credit debt. It is still far better to look good than to feel good about your bank account, even in an age of deleveraging.
Influx Insights
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