The current economic recession, has awakened a desire for many consumers to embrace a back to basics lifestyle, as our political leaders continue to prepare the nation for the Age of Austerity, by hypeing dismal economic news and lowering recovery expectations.
As corporations around the globe, wrestle with the implications of a deepening recession and implement their own back to basics plans, consumers are altering their behavior by spending less, seeking greater value and saving more.
Who will the winners be and what trends can we expect in this new consumer environment ?
Banks will see savings grow as a reluctant investor class that has lost faith in the stock market returns to a least risk portfolio. The very institutions that were principal catalysts in the financial crisis that contributed heavily to the recession, will benefit, as billions flow into low cost savings accounts.
Savings clubs as opposed to investing clubs will become the new rage as people compare their spendthriftness and brag about their latest value purchase from WalMart or Costco.
Family nights will become popular. With less money to spend and more meals eaten at home, parents will incorporate more family activities into their week. Social networking will continue to expand to a point where entire families present themselves to the world on new family oriented sights and spend their evenings surfing without ever getting wet.
White table cloths, will give way to more buffets and value meals, while comfort foods ( beef stroganoff, pot roast, grilled cheese sandwiches ) will rule the kitchen, providing big wins for marketers like Campbell’s, Con Agra and Kraft as soups, canned foods and Velveeta find new fans. Kids may even become familiar with Betty Crocker as they learn their way around the kitchen.
In retailing, WalMart , will continue to benefit from a value consciousness that will permeate consumer decisions over the near term as consumers delay major purchases. Retailers will also look to increasing their bond with consumers by increased promotion of their own signature brands.
It remains to be seen, whether or not consumers have the discipline to fend off creative marketers over the longer term and ultimately, as an economic stimulus winds its’ way through the economy and consumer confidence normalizes, if they will return to the carefree, spend easy days of the recent past.
Change Attire,Change A Culture:Dress For Business
Posted in business, economy, entrepreneurship, tagged Age of Austerity, American Recovery Act, business, CEO, commentary, Corporate Culture, economy, entrepreneurship, lifestyle, politics, recession, retailers, stock market on February 6, 2009| Leave a Comment »
I was recently in a meeting where a comment was made that I looked the part of a CEO. I was wearing a navy suit, white shirt, striped tie and black shoes. What I consider to be appropriate business attire. The meeting took place in San Francisco and I was in the company of people dressed in casual business attire. San Francisco, the home of The Gap and of course Levis, has led the country over the years in thel movement toward casual business attire so I was not surprised that mine was the only suit in the room.
I have long advocated that people in the conduct of business, should dress accordingly. I am probably considered a traditionalist in that sense, but I have seen the effects on businesses where casual attire, has resulted in casual performance of the enterprise. I have fought the trend toward casual business over the years to the point of initiating dress codes that require appropriate business attire including, suits and ties for men and appropriate professional clothing for women in businesses that I have led.
A CEO recognizes, that the appearance of associates and team members is a function of the pervasive culture within the organization. A serious business requires focused and disciplined associates, if it is to be successful. The tone that the CEO establishes by dressing appropriately in business delivers the message that we are a focused team prepared to be successful.
In my experience, I have found that though there may be a few disgruntled associates on the team when business attire is required, the majority of team members will rcognize that the bar has been raised and choose to respect and appreciate a disciplined culture that will accelerate their path to success.
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