As we head into 2009, we are inundated with talk about the recession, the credit crunch, the housing crisis, the stimulus package, and on, and on, and on...There’s no doubt that the marketplace and many individuals find themselves in a frenzy.
If we step back however, and analyze the situation from a cultural and anthropological perspective it’s quite interesting to see what is going on. We are witnessing a number of micro-cultural shifts that together are forming a new cultural paradigm on a macro level.
We are experiencing a shift in our culture of consumption. Our social currency, rituals, and beliefs are changing right before our eyes. And while we can’t at this point name it, if I had to bet on it, I would say that the cultural and behavioral changes that are occurring in response to this economic crisis are going to permanently change the way that we as people consume for generations to come.
Gone are the days of mass conspicuous consumption and unquestioned trust in corporations. What people are experiencing today from the job market to the supermarket is going to have lasting cultural and psychological effects. We have already seen that consumers are being much more careful about their purchases. Furthermore they are fully skeptical of corporate executives. Brands and companies must more than ever prove their value through quality, transparency and generosity – because the culture of consumption has changed indefinitely.
As our clients continue to come to us for answers and advice on how they can make it through these times, remember that it’s not just about surviving today. Price cuts and discounts are a temporary tactic that will only undermine their brands once things get better. We have to remind ourselves and our clients that once the economy recovers from this mess, people are not going back to their old ways. Now is the time to solidify our spot as players in this new cultural paradigm.
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