Stagflation. Time to rethink your strategy.
The cost of living is at crisis point. People are more cash-conscious (and brand-promiscuous) than ever. Reframing frugality is something to think about, if you’re a business or brand.
Consumers are getting back-to-basics. Buying less, doing less. Leaning out not in. (We’re no longer chasing achievement at the expense of health so much.)
But no one wants to feel like they’re sacrificing or losing out on creature comforts (especially when fear of the unknown makes us want those all the more!)
It’s not about making do with less joy now, contracting and cutting back.
It’s about making thoughtful, resourceful living a high-quality, thriving lifestyle.
Think value for money. What’s the real value exchange? How can you give consumers more back for the same money? (Becoming a one-stop-shop of resources is one way—joining up access to related brands and offering this on subscription. Obviously helping people take control of their finances is super-topical if that’s your sector.)
It’s times like this when we need more creativity, more collaboration, more community than ever. Just because economics might be contracting, doesn’t mean we should.