What if people stopped buying stuff they don’t need or want?
What if people are starting to tune out once-effective marketing campaigns?
The economy is fragile right now.
What if consumers are buying less, not just because they have less income, or no job, but because they realize they don’t need or want most of the stuff they’ve purchased in the pas?
What if consumers’ buying behavior is changing?
What if people are beginning to scrutinize how and where they spend their money, like a painter carefully chooses how and where to move their brush?
If I were a consumer products company — in any industry — I’d start thinking more carefully about why I’m making what I’m making.
I’d constantly be asking myself: “Do people really want what I’m making? Do I even really want what I’m making?”
Going forward, I think people will begin spending more and more of their income on experiences (and mostly offline ones) rather than products — like traveling, dining, sports, entertainment, etc.
I believe this is going to happen because I think this is what people want.
Many types of luxury consumer products like transportation, electronics, apparel, games, books, etc. will still be marketed well and consumed.
But I think it will be at a decreasing rate. That is, when the market delivers (making and distributing) what people actually want — new, good experiences, on a sustainable basis.